Income from Sale of Development Rights Not Taxable Until Assessee Fulfills Joint Venture Obligations.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Accrual of income - Addition on sale of development rights - When obligations of the assessee under the joint venture agreement are not yet performed, there cannot be any occasion to bring the consideration, for performance of such obligations, to tax.....