https://www.taxtmi.com/caselaws?id=369435 A consistently followed method of accounting for plot sales cannot be displaced merely because customer advances are taxed earlier, where no defect, distortion of profits, or failure in proper income computation is shown. Advances were treated as liabilities until execution of the registered sale deed, and the Department had accepted that approach in earlier years. The enhancement was found revenue neutral because it only shifted income between assessment years without changing overall taxable profit. The addition was therefore set aside and the returned income was directed to be adopted. en-us Tue, 23 Oct 2018 00:00:00 +0530 Sat, 27 Oct 2018 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369435 A consistently followed method of accounting for plot sales cannot be displaced merely because customer advances are taxed earlier, where no defect, distortion of profits, or failure in proper income computation is shown. Advances were treated as liabilities until execution of the registered sale deed, and the Department had accepted that approach in earlier years. The enhancement was found revenue neutral because it only shifted income between assessment years without changing overall taxable profit. The addition was therefore set aside and the returned income was directed to be adopted. Case-Laws Income Tax Tue, 23 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369435