https://www.taxtmi.com/caselaws?id=472440 Work-in-progress previously disclosed and accepted on scrutiny cannot support a recast trading account where books have not been rejected; the related addition was deleted. For incomplete real-estate projects, consistently applying the completion-of-work method requires profit recognition in the relevant years, and an estimated gross-profit addition in an intervening year would result in double taxation; those additions were deleted. Profit from sale of a flat recorded as a fixed asset, rather than stock-in-trade, is taxable as capital gains and not business income. The deletions concerning work-in-progress, project profits and the flat sale were sustained. en-us Tue, 22 Apr 2025 00:00:00 +0530 Tue, 13 Oct 2026 04:47:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472440 Work-in-progress previously disclosed and accepted on scrutiny cannot support a recast trading account where books have not been rejected; the related addition was deleted. For incomplete real-estate projects, consistently applying the completion-of-work method requires profit recognition in the relevant years, and an estimated gross-profit addition in an intervening year would result in double taxation; those additions were deleted. Profit from sale of a flat recorded as a fixed asset, rather than stock-in-trade, is taxable as capital gains and not business income. The deletions concerning work-in-progress, project profits and the flat sale were sustained. Case-Laws Income Tax Tue, 22 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472440