Under project completion method entire project as a whole is to be seen and hence transfer of some flats via registration is not conclusive of the year in which the income attributable to the project is to be taxed

M/s Maitri Developers Vs ITO (ITAT Mumbai)– Project completion method is well recognised method as per AS- 7. Under project completion method entire project as a whole is to be seen and hence transfer of some flats via registration is not conclusive of the year in which the income attributable to the project is to be taxed. Completion certificate is also not conclusive of the fact that the project was completed when the facility of drinking water shows it otherwise.

IN THE INCOME TAX APPELLATE TRIBUNAL ‘F’ BENCH, MUMBAI.

I.T.A. No. 2819/Mum/2010

(Assessment Year: 2006- 07)

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