https://www.taxtmi.com/caselaws?id=431230 Advances received under a joint development agreement were treated as mere receipts and not accrued business income in the years of receipt, because the landowner's role was limited to permitting entry and executing sale deeds at the project stage. The Tribunal noted that the agreement reserved ownership characteristics, the licence to enter was not possession in part performance, and the developer alone undertook construction, marketing and sale. It also held that the Assessing Officer could not force the landowner to adopt the developer's accounting method, especially where the completed contract method had been consistently followed and accepted earlier. The additions were deleted, as taxing the same income in receipt years would create double taxation. en-us Mon, 07 Nov 2022 00:00:00 +0530 Thu, 08 Dec 2022 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431230 Advances received under a joint development agreement were treated as mere receipts and not accrued business income in the years of receipt, because the landowner's role was limited to permitting entry and executing sale deeds at the project stage. The Tribunal noted that the agreement reserved ownership characteristics, the licence to enter was not possession in part performance, and the developer alone undertook construction, marketing and sale. It also held that the Assessing Officer could not force the landowner to adopt the developer's accounting method, especially where the completed contract method had been consistently followed and accepted earlier. The additions were deleted, as taxing the same income in receipt years would create double taxation. Case-Laws Income Tax Mon, 07 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431230