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2013 (10) TMI 833 - AT - Income TaxChange in method of accounting from ‘Project completion method’ to ‘Percentage completion method’ for the assessee, who is in the business of real-estate – Held that:- Assessee has to construct the complete building as per specification over a period of time and receive the purchase consideration from time to time from the purchasers and hand over the possession of the building when the building is fully completed, occupancy certificate is received and it is Only at that time the risks and rewards are transferred to the purchaser - Project completion method followed by the assessee is in order and the action of the department to reject the same and to estimate the income by applying project percentage completion method is not justified – Decided in favor of Assessee.
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