https://www.taxtmi.com/caselaws?id=426217 The tribunal set aside the matter to the Assessing Officer (AO) for detailed examination and determination of income from the real estate business. The AO must consider commercial accounting principles and Accounting Standard (AS) 9 for appropriate revenue recognition based on completion stage and realization certainty. Verification of credit genuineness and transaction nature with landowners was also directed. The Revenue's appeal was partly allowed for statistical purposes, and the assessee's cross-objection was dismissed. en-us Mon, 08 Aug 2022 00:00:00 +0530 Wed, 10 Aug 2022 09:29:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426217 The tribunal set aside the matter to the Assessing Officer (AO) for detailed examination and determination of income from the real estate business. The AO must consider commercial accounting principles and Accounting Standard (AS) 9 for appropriate revenue recognition based on completion stage and realization certainty. Verification of credit genuineness and transaction nature with landowners was also directed. The Revenue's appeal was partly allowed for statistical purposes, and the assessee's cross-objection was dismissed. Case-Laws Income Tax Mon, 08 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426217