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2017 (3) TMI 883 - ITAT MUMBAIAmount received from tenants / occupants for extra facilities or amenities - revenue receipts or capital receipt - Held that:- The accounting of expenses and income in a year has to be considered on the basis of project as a whole and not on the basis of individual units. Therefore, the amount received by the Assessee from tenants / occupants for extra facilities or amenities represents revenue receipts and the same is to be accounted for on the basis of percentage completion method which was consistently followed by the Assessee right from the beginning and the Revenue has accepted such accounting of percentage completion method on such projects in the previous assessment years and also in the subsequent assessment years and therefore following the principle of consistency there is no justification in bringing to tax the amount transferred to deferred sales suspense account for which no work has been carried out by the Assessee in the current assessment year. In view of the above findings of the Ld. CIT (Appeals), we do not find any valid reason to interfere with the findings of the Ld CIT (Appeals). - Decided against revenue
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