https://www.taxtmi.com/caselaws?id=796572 Revenue under the Percentage Completion Method should be recognised only where significant risks and rewards have transferred through legally enforceable sale agreements. Under Accounting Standard 9 and the Guidance Note on Accounting for Real Estate Transactions, mere booking, buyer identification, determination of area or consideration, or receipt of token advances is insufficient. The Guidance Note also requires realisation of at least 10% of the agreement value under legally enforceable documents at the reporting date. Flats with agreements executed later and flats failing that realisation condition should not be included; otherwise, revenue already offered in a subsequent year may be taxed twice. en-us Wed, 21 Jan 2026 00:00:00 +0530 Fri, 07 Aug 2026 09:07:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796572 Revenue under the Percentage Completion Method should be recognised only where significant risks and rewards have transferred through legally enforceable sale agreements. Under Accounting Standard 9 and the Guidance Note on Accounting for Real Estate Transactions, mere booking, buyer identification, determination of area or consideration, or receipt of token advances is insufficient. The Guidance Note also requires realisation of at least 10% of the agreement value under legally enforceable documents at the reporting date. Flats with agreements executed later and flats failing that realisation condition should not be included; otherwise, revenue already offered in a subsequent year may be taxed twice. Case-Laws Income Tax Wed, 21 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796572