Income from incomplete transaction not assessable under complete contract method

Ind Sing Developers Pvt. Ltd. Vs DCIT (ITAT Bangalore) Held that the transaction has not been concluded in the AY under consideration when the assessee received nomination fee. Thus, the transaction was not complete so as to assess the income under complete contract method. Facts- The assessee had entered into an MOU with M/s. Shobha Developers for acquisition of 75 acres of land. In connection with this transaction the assessee had entered into a nomination agreement on 17.11.2006 with Sri. R.B. Nataraj and in pursuance thereof had received 7 crores from Sri. R.B. Nataraj, in consideration of...