https://www.taxtmi.com/caselaws?id=426446 Advances received from flat buyers under a development agreement did not constitute taxable income in the year of receipt where the land remained with the owners until completion, the assessee consistently followed the completed contract method, and the receipts were only advances against future sale proceeds. As the project was completed later, occupation certificates were obtained in the completion years, and the same receipts were offered to tax in those years, taxing them earlier would have resulted in premature taxation of the same income. The Tribunal held that the income was correctly assessable only on project completion and the Revenue's challenge failed. en-us Fri, 12 Aug 2022 00:00:00 +0530 Tue, 16 Aug 2022 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426446 Advances received from flat buyers under a development agreement did not constitute taxable income in the year of receipt where the land remained with the owners until completion, the assessee consistently followed the completed contract method, and the receipts were only advances against future sale proceeds. As the project was completed later, occupation certificates were obtained in the completion years, and the same receipts were offered to tax in those years, taxing them earlier would have resulted in premature taxation of the same income. The Tribunal held that the income was correctly assessable only on project completion and the Revenue's challenge failed. Case-Laws Income Tax Fri, 12 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426446