Developer Following Project Completion Method – Addition of Full Flat Sale Value Deleted; Income Taxable on Possession, not Registration

Bharat Manubhai Patel Vs ITO (ITAT Mumbai) Developer Following Project Completion Method – Addition of Full Flat Sale Value Deleted; Income Taxable on Possession, not Registration The ITAT Mumbai allowed the assessee’s appeal and deleted addition of ₹1.84 crore made by the AO in respect of sale of two flats, holding that income of a builder following project completion method is taxable on handing over possession and not merely on registration of agreement. The AO had added entire sale consideration u/s 143(3) on the ground that agreements for flats were registered during AY 2018-19 and ...