https://www.taxtmi.com/caselaws?id=406261 Income from sale of development rights is taxable only when it actually accrues or arises in the relevant year under the applicable accounting method, and not merely because a surplus is retained from a project. The commentary notes that the amount linked to Poddar Projects was received in later years and recognised on the Project Completion Method, so it was not taxable in the year under consideration. It also explains that a security deposit from Dheeraj Promoters, being adjustable against final payment on completion or expiry of the stipulated period, was likewise attributable to a later year and could not be taxed in the year in question. en-us Wed, 17 Mar 2021 00:00:00 +0530 Sat, 10 Apr 2021 09:02:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406261 Income from sale of development rights is taxable only when it actually accrues or arises in the relevant year under the applicable accounting method, and not merely because a surplus is retained from a project. The commentary notes that the amount linked to Poddar Projects was received in later years and recognised on the Project Completion Method, so it was not taxable in the year under consideration. It also explains that a security deposit from Dheeraj Promoters, being adjustable against final payment on completion or expiry of the stipulated period, was likewise attributable to a later year and could not be taxed in the year in question. Case-Laws Income Tax Wed, 17 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406261