https://www.taxtmi.com/caselaws?id=354676 The Tribunal affirmed the CIT(A)'s application of the percentage completion method for sales where registry had been executed, recognizing revenue at Rs. 2,11,38,286/-. It held that significant risks and rewards of ownership had been transferred under plot buyer agreements, applying the method to advances received. The Tribunal directed recognition of revenue for advances to the extent of work completed (45.73%), totaling Rs. 2,03,17,159/-. The Tribunal disposed of the appeals, affirming revenue recognition for executed sale deeds and setting aside the CIT(A)'s income enhancement for advances, directing recognition based on work completed. en-us Fri, 22 Dec 2017 00:00:00 +0530 Fri, 02 Feb 2018 08:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354676 The Tribunal affirmed the CIT(A)'s application of the percentage completion method for sales where registry had been executed, recognizing revenue at Rs. 2,11,38,286/-. It held that significant risks and rewards of ownership had been transferred under plot buyer agreements, applying the method to advances received. The Tribunal directed recognition of revenue for advances to the extent of work completed (45.73%), totaling Rs. 2,03,17,159/-. The Tribunal disposed of the appeals, affirming revenue recognition for executed sale deeds and setting aside the CIT(A)'s income enhancement for advances, directing recognition based on work completed. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354676