https://www.taxtmi.com/caselaws?id=252160 The Tribunal held that revenue from the sale of plots should be recognized at the time of executing the sale deed, not at the issuance of the letter of allotment. It found that the letter of allotment did not transfer possession or ownership but acknowledged the buyer's offer. The Tribunal supported the assessee's consistent method of recognizing revenue upon sale deed execution, in line with the Transfer of Property Act. Section 2(47) of the Income Tax Act was deemed inapplicable as income was categorized under "Income from business or profession." The Tribunal allowed the appeals, directing acceptance of the assessee's regular accounting method. en-us Wed, 17 Sep 2014 00:00:00 +0530 Mon, 13 Oct 2014 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252160 The Tribunal held that revenue from the sale of plots should be recognized at the time of executing the sale deed, not at the issuance of the letter of allotment. It found that the letter of allotment did not transfer possession or ownership but acknowledged the buyer's offer. The Tribunal supported the assessee's consistent method of recognizing revenue upon sale deed execution, in line with the Transfer of Property Act. Section 2(47) of the Income Tax Act was deemed inapplicable as income was categorized under "Income from business or profession." The Tribunal allowed the appeals, directing acceptance of the assessee's regular accounting method. Case-Laws Income Tax Wed, 17 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252160