2008 (5) TMI 6 - SUPREME COURT

Whether income accrued to the assessee on registration of the sale deed in favour of the third party or whether it accrued at the time of execution of the tripartite agreement? –If the AO observes that there is under estimation of profits, he must give facts and figures in that regard that the impugned method of accounting adopted by the assessee results in under estimation of profits and is therefore rejected. Otherwise, the presumption would be that the entire exercise is Revenue neutral