https://www.taxtmi.com/caselaws?id=449486 The ITAT Delhi dismissed the Revenue's appeal regarding a builder's income determination from real estate transactions. The assessee consistently followed the Project Completion Method for revenue recognition, which was previously accepted by the department. The CIT(A) deleted additions made by applying the percentage completion method (AS-9), finding that the assessee was a builder, not contractor, and significant risks/rewards hadn't transferred to buyers before sale deed execution. The agreement stipulated apartments remained the owner's sole property during construction, transferring only upon completion and registration. The CIT(A)'s decision was upheld following established precedents. en-us Fri, 09 Feb 2024 00:00:00 +0530 Mon, 12 Feb 2024 13:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449486 The ITAT Delhi dismissed the Revenue's appeal regarding a builder's income determination from real estate transactions. The assessee consistently followed the Project Completion Method for revenue recognition, which was previously accepted by the department. The CIT(A) deleted additions made by applying the percentage completion method (AS-9), finding that the assessee was a builder, not contractor, and significant risks/rewards hadn't transferred to buyers before sale deed execution. The agreement stipulated apartments remained the owner's sole property during construction, transferring only upon completion and registration. The CIT(A)'s decision was upheld following established precedents. Case-Laws Income Tax Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449486