Advance for Flats: Recognizing Revenue on Risk Transfer & Buyer’s Transfer Rights- ITAT

Cavalcade Properties Pvt. Ltd. Vs DCIT (ITAT Mumbai) Introduction: The case of Cavalcade Properties Pvt. Ltd. vs. DCIT (ITAT Mumbai) revolves around the contentious issue of revenue recognition concerning advances received against flat bookings. This article delves into the details of the case, the arguments presented, and the final verdict rendered by the Income Tax Appellate Tribunal (ITAT) Mumbai. Detailed Analysis: The appeal filed by Cavalcade Properties Pvt. Ltd. contested the decision of the Commissioner of Income-tax (Appeals) regarding the treatment of advance amounts received for une...