https://www.taxtmi.com/caselaws?id=786064 Assessee's adoption of the project completion method consistent with Accounting Standard AS 9 governed revenue recognition for construction and sale of flats; revenue previously accepted this method and the Assessing Officer did not dispute its conformity. Advance payments were recorded as liabilities and taxed only when sale deeds were executed on transfer of ownership; consequently, disallowance related to accounting treatment and penalty payment was not sustained. The appellate outcome allowed the assessee, confirming that income recognition on project completion (and taxation on execution of sale deeds) is operative where the accounting method complies with recognised standards and has been accepted by revenue. en-us Thu, 29 Jan 2026 00:00:00 +0530 Thu, 05 Feb 2026 09:16:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786064 Assessee's adoption of the project completion method consistent with Accounting Standard AS 9 governed revenue recognition for construction and sale of flats; revenue previously accepted this method and the Assessing Officer did not dispute its conformity. Advance payments were recorded as liabilities and taxed only when sale deeds were executed on transfer of ownership; consequently, disallowance related to accounting treatment and penalty payment was not sustained. The appellate outcome allowed the assessee, confirming that income recognition on project completion (and taxation on execution of sale deeds) is operative where the accounting method complies with recognised standards and has been accepted by revenue. Case-Laws Income Tax Thu, 29 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786064