https://www.taxtmi.com/caselaws?id=388505 The appellate authority upheld the AO's decision to recognize profits from a completed project where possession was handed over to buyers, despite pending litigation. The authority rejected the substitution of sale consideration with stamp duty valuation, citing that Section 50C does not apply to stock in trade. Provisions for payments to certain entities were disallowed due to lack of direct relevance to project completion. Residual expenditure incurred in subsequent years was also disallowed. The income from the project was assessed at Rs. 43,47,242, with the matter remanded to the AO for reassessment and further substantiation by the assessee. en-us Wed, 13 Nov 2019 00:00:00 +0530 Sat, 16 Nov 2019 15:51:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388505 The appellate authority upheld the AO's decision to recognize profits from a completed project where possession was handed over to buyers, despite pending litigation. The authority rejected the substitution of sale consideration with stamp duty valuation, citing that Section 50C does not apply to stock in trade. Provisions for payments to certain entities were disallowed due to lack of direct relevance to project completion. Residual expenditure incurred in subsequent years was also disallowed. The income from the project was assessed at Rs. 43,47,242, with the matter remanded to the AO for reassessment and further substantiation by the assessee. Case-Laws Income Tax Wed, 13 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388505