https://www.taxtmi.com/caselaws?id=467127 Where a real-estate assessee recognises revenue under the Percentage Completion Method consistent with Accounting Standard 7 and audited books record actual revenue and costs, assessment additions based on projected revenues submitted to third parties are unwarranted; the practical effect is that profit computation must follow actual recognised revenue and incurred costs rather than bank projections, and deletions of additions founded on projections should be sustained in favour of the assessee. en-us Fri, 21 Feb 2025 00:00:00 +0530 Fri, 06 Mar 2026 20:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467127 Where a real-estate assessee recognises revenue under the Percentage Completion Method consistent with Accounting Standard 7 and audited books record actual revenue and costs, assessment additions based on projected revenues submitted to third parties are unwarranted; the practical effect is that profit computation must follow actual recognised revenue and incurred costs rather than bank projections, and deletions of additions founded on projections should be sustained in favour of the assessee. Case-Laws Income Tax Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467127