https://www.taxtmi.com/caselaws?id=465978 Revenue recognition for real estate projects was examined with emphasis on the project completion method: where transactions consisted of agreements to sell rather than registered sale deeds, possession and completion certificates were not delivered in the relevant year, and substantial receipts occurred subsequently, revenue need not be recognized earlier under the project completion method, consequently an adhoc addition of 10% on agreed values was unjustified. Treatment of common expenses capitalized to work in progress under the assessees consistent accounting system was accepted, and adhoc disallowance of expenses debited in profit and loss was held unwarranted. en-us Tue, 25 Jun 2024 00:00:00 +0530 Wed, 14 Jan 2026 16:00:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465978 Revenue recognition for real estate projects was examined with emphasis on the project completion method: where transactions consisted of agreements to sell rather than registered sale deeds, possession and completion certificates were not delivered in the relevant year, and substantial receipts occurred subsequently, revenue need not be recognized earlier under the project completion method, consequently an adhoc addition of 10% on agreed values was unjustified. Treatment of common expenses capitalized to work in progress under the assessees consistent accounting system was accepted, and adhoc disallowance of expenses debited in profit and loss was held unwarranted. Case-Laws Income Tax Tue, 25 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465978