https://www.taxtmi.com/caselaws?id=468749 For real estate revenue recognition, only legally enforceable contracts or agreements that transfer significant risks and rewards can be counted toward the contractual saleable area threshold. Provisional booking advances for flats, being cancellable reservations without transferable rights, do not satisfy that requirement and cannot be included in the 25% calculation. Once those advances are excluded, project income is not recognized under the percentage completion method for the year if the benchmark is not met. Compensation already adjusted against project expenditure cannot be taxed again, and related separate additions fail where the project income estimate itself is deleted. en-us Wed, 05 Feb 2025 00:00:00 +0530 Tue, 19 May 2026 18:56:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468749 For real estate revenue recognition, only legally enforceable contracts or agreements that transfer significant risks and rewards can be counted toward the contractual saleable area threshold. Provisional booking advances for flats, being cancellable reservations without transferable rights, do not satisfy that requirement and cannot be included in the 25% calculation. Once those advances are excluded, project income is not recognized under the percentage completion method for the year if the benchmark is not met. Compensation already adjusted against project expenditure cannot be taxed again, and related separate additions fail where the project income estimate itself is deleted. Case-Laws Income Tax Wed, 05 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468749