https://www.taxtmi.com/caselaws?id=214128 The Appellate Tribunal upheld the project completion method of accounting for income recognition in a case concerning the sale of Transfer of Development Rights (TDRs) in a construction project. It ruled that TDR receipts should be set off against project costs until completion, rejecting the Assessing Officer's independent income assessment approach. The Tribunal confirmed the deletion of the addition made by the Assessing Officer for the Assessment Year 2006-07 and ordered further verification for 2007-08 to ascertain project completion status for proper income computation. The Tribunal's corrigendum clarified the dismissal of the revenue's appeal for 2006-07 and allowed it for statistical purposes for 2007-08. en-us Fri, 17 Jun 2011 00:00:00 +0530 Wed, 20 Jun 2012 08:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214128 The Appellate Tribunal upheld the project completion method of accounting for income recognition in a case concerning the sale of Transfer of Development Rights (TDRs) in a construction project. It ruled that TDR receipts should be set off against project costs until completion, rejecting the Assessing Officer's independent income assessment approach. The Tribunal confirmed the deletion of the addition made by the Assessing Officer for the Assessment Year 2006-07 and ordered further verification for 2007-08 to ascertain project completion status for proper income computation. The Tribunal's corrigendum clarified the dismissal of the revenue's appeal for 2006-07 and allowed it for statistical purposes for 2007-08. Case-Laws Income Tax Fri, 17 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214128