Tax Tribunal Rules in Favor of Taxpayer on Revenue Recognition Methods and Expense Allocation Dispute.

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....Revision u/s 263 - Method of revenue recognition (project completion vs. percentage completion method), and the allocation of interest and Transferable Development Rights (TDR) expenses. - The ITAT observed that, CIT has not substantiated that how the assessment order passed by the assessing officer is erroneous as well as prejudicial to the interest of revenue. Therefore, ground of the appeal of the assessee are allowed.....