https://www.taxtmi.com/caselaws?id=784280 In a real estate joint development arrangement, a landowner that merely grants development rights, does not itself undertake construction, and retains ownership and possession until registration of the sale deed may follow the project completion method. The revenue's attempt to apply the percentage completion method was rejected because the accounting guidance relied on was inapplicable where legal title and associated risks and rewards had not passed on execution of the arrangement or agreement to sell. Consistent prior adoption of the project completion method also supported deferral of income recognition, and taxing the receipts earlier would create impermissible double taxation. en-us Fri, 19 Dec 2025 00:00:00 +0530 Wed, 31 Dec 2025 14:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784280 In a real estate joint development arrangement, a landowner that merely grants development rights, does not itself undertake construction, and retains ownership and possession until registration of the sale deed may follow the project completion method. The revenue's attempt to apply the percentage completion method was rejected because the accounting guidance relied on was inapplicable where legal title and associated risks and rewards had not passed on execution of the arrangement or agreement to sell. Consistent prior adoption of the project completion method also supported deferral of income recognition, and taxing the receipts earlier would create impermissible double taxation. Case-Laws Income Tax Fri, 19 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784280