TaxTMI 
TaxTMI 
2016 (9) TMI 263
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....handani, Advocate For the Respondent : Ms. Kavita Jha and Ms. Mehak Gupta, Advocates ORDER 1. The question of law sought to be urged in the revenue's appeal is whether the receipts in the hands of the respondent-assessee to the tune of Rs. 58,03,59,600/- in fact amounted to accrued income on grant of development rights. 2. The brief facts are that the assessee - which was incorporated in 2006 ....
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....and amounting to Rs. 34,29,49,000/- was brought to tax by the Assessing Officer on accrual basis. Assessee successfully appealed to the CIT (A); revenue failed to secure any relief before the ITAT in the impugned order. 3. This court had in its previous judgment in Commissioner of Income Tax-XI vs. M/s DLF Commercial Project Corporation ITA Nos.627/2012 & 507/2013 decided on 15.07.2015 ruled that....
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....ind any basis provided by the Revenue to interfere with ITAT‟s finding on this aspect. 14. The revenue places reliance on the assessee's accounting policy - mentioned in Schedule 7 of the auditor's report for AY 2007-08 - which states that 'sale of developed plots is recognised in the financial year in which the agreement to sell executed'. Pertinently, the financial statement for AY 2008....
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....ether expenses were paid out. Similarly, every receipt is not treated as an income of the assessee. The assessee‟s accounting policy is provided for in Accounting Standard 4, Schedule 9. Para 3 of the schedule deals with recognition of Revenue and Related costs: "Sale of development rights is recognized on accrual basis in the financial year in accordance with the terms of the agreements ....