https://www.taxtmi.com/caselaws?id=236263 Under the project completion method, a housing project is treated as completed when construction is substantially over and the flats are habitable; the completion certificate is only procedural and does not determine the completion year. Amounts received from an underwriter were treated as sale consideration because the agreement required phased payments toward the agreed price of the flats, even though possession and sale deeds were executed later. Since the project was completed in the relevant year, income from the underwritten flats became taxable in that year, and later conveyance deeds did not defer accrual. en-us Mon, 12 Aug 2013 00:00:00 +0530 Wed, 21 Aug 2013 08:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236263 Under the project completion method, a housing project is treated as completed when construction is substantially over and the flats are habitable; the completion certificate is only procedural and does not determine the completion year. Amounts received from an underwriter were treated as sale consideration because the agreement required phased payments toward the agreed price of the flats, even though possession and sale deeds were executed later. Since the project was completed in the relevant year, income from the underwritten flats became taxable in that year, and later conveyance deeds did not defer accrual. Case-Laws Income Tax Mon, 12 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236263