https://www.taxtmi.com/caselaws?id=772585 ITAT Kolkata dismissed revenue's appeal regarding addition of undisclosed revenue from project Altius. The assessee's project completion method of revenue recognition was accepted in prior assessment year 2017-18, establishing consistency principle per Radhasoami Satsang SC precedent. AO erroneously computed addition under percentage completion method by including co-owners' 51.56% share instead of assessee's 48.44% share, resulting in excess calculation. Project ultimately resulted in loss of Rs.18,71,78,668 in AY 2021-22. CIT(A) correctly applied ICDS-III and AS-7 for revenue recognition. Addition regarding interest expenses to land co-owners also deleted as advances were given against amounts payable, not requiring interest charges. en-us Wed, 15 Jan 2025 00:00:00 +0530 Wed, 11 Jun 2025 08:36:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772585 ITAT Kolkata dismissed revenue's appeal regarding addition of undisclosed revenue from project Altius. The assessee's project completion method of revenue recognition was accepted in prior assessment year 2017-18, establishing consistency principle per Radhasoami Satsang SC precedent. AO erroneously computed addition under percentage completion method by including co-owners' 51.56% share instead of assessee's 48.44% share, resulting in excess calculation. Project ultimately resulted in loss of Rs.18,71,78,668 in AY 2021-22. CIT(A) correctly applied ICDS-III and AS-7 for revenue recognition. Addition regarding interest expenses to land co-owners also deleted as advances were given against amounts payable, not requiring interest charges. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772585