https://www.taxtmi.com/caselaws?id=217220 Real estate project income could not be forced to tax on the percentage completion method where the project was only about 16% complete, no units had been sold, and the assessee had followed the completed contract method; the addition on that basis was deleted. Interest earned on fixed deposits made out of surplus funds was separately assessable and could not be netted against interest payable on borrowed funds, particularly where project costs had already been capitalized. The cross appeals were dismissed, leaving the deletion of the project-income addition intact and maintaining separate tax treatment of the interest income. en-us Tue, 31 Jul 2012 00:00:00 +0530 Fri, 05 Oct 2012 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217220 Real estate project income could not be forced to tax on the percentage completion method where the project was only about 16% complete, no units had been sold, and the assessee had followed the completed contract method; the addition on that basis was deleted. Interest earned on fixed deposits made out of surplus funds was separately assessable and could not be netted against interest payable on borrowed funds, particularly where project costs had already been capitalized. The cross appeals were dismissed, leaving the deletion of the project-income addition intact and maintaining separate tax treatment of the interest income. Case-Laws Income Tax Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217220