https://www.taxtmi.com/caselaws?id=268462 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. The addition of Rs. 63,52,000/- by the A.O. was deleted as no real income had accrued to the assessee. Revenue recognition was denied due to the lack of significant risks and rewards transfer, regardless of the project's completion percentage. The classification of closing WIP as a business asset did not mandate immediate profit recognition, given the intention to lease the units. The absence of specific unit sales and refundable advance precluded revenue recognition, leading to the dismissal of the Revenue's appeal. en-us Mon, 28 Sep 2015 00:00:00 +0530 Thu, 26 Nov 2015 06:52:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268462 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeal. The addition of Rs. 63,52,000/- by the A.O. was deleted as no real income had accrued to the assessee. Revenue recognition was denied due to the lack of significant risks and rewards transfer, regardless of the project's completion percentage. The classification of closing WIP as a business asset did not mandate immediate profit recognition, given the intention to lease the units. The absence of specific unit sales and refundable advance precluded revenue recognition, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 28 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268462