https://www.taxtmi.com/caselaws?id=354887 The Tribunal determined that income from the sale of flats accrued when possession was given, not when the allotment letter was issued, for Assessment Year 2007-08. It found that possession was only granted upon full payment of consideration on 1 April 2007, rejecting the Revenue's argument that possession occurred upon allotment. The Tribunal held that the amount in question was an advance in the subject Assessment Year and became taxable income in the following year when possession was transferred. The appeal was dismissed with no costs awarded, emphasizing the timing of taxability as the pivotal issue. en-us Tue, 30 Jan 2018 00:00:00 +0530 Tue, 06 Feb 2018 07:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354887 The Tribunal determined that income from the sale of flats accrued when possession was given, not when the allotment letter was issued, for Assessment Year 2007-08. It found that possession was only granted upon full payment of consideration on 1 April 2007, rejecting the Revenue's argument that possession occurred upon allotment. The Tribunal held that the amount in question was an advance in the subject Assessment Year and became taxable income in the following year when possession was transferred. The appeal was dismissed with no costs awarded, emphasizing the timing of taxability as the pivotal issue. Case-Laws Income Tax Tue, 30 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354887