https://www.taxtmi.com/caselaws?id=796496 Project receipts recognised under the consistently applied Percentage of Completion Method cannot be taxed again in the year of receipt to the extent already adjusted against revenue and offered to tax in subsequent accepted assessments. Verification is required to identify any unadjusted balance, which may be treated as income for the relevant year. Tax deduction at source on acquisition of development rights did not apply where the payment preceded the commencement of the relevant withholding provision, and the related disallowance provision had not yet been extended to such payments. Consequently, denial of the acquisition cost for non-deduction of tax was unsustainable. en-us Wed, 21 Jan 2026 00:00:00 +0530 Thu, 06 Aug 2026 09:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796496 Project receipts recognised under the consistently applied Percentage of Completion Method cannot be taxed again in the year of receipt to the extent already adjusted against revenue and offered to tax in subsequent accepted assessments. Verification is required to identify any unadjusted balance, which may be treated as income for the relevant year. Tax deduction at source on acquisition of development rights did not apply where the payment preceded the commencement of the relevant withholding provision, and the related disallowance provision had not yet been extended to such payments. Consequently, denial of the acquisition cost for non-deduction of tax was unsustainable. Case-Laws Income Tax Wed, 21 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796496