Advance received by land-owner from developer taxable only when flats handed over to prospective buyers

IT : Where assessee had given land for development and was entitled to receive 18 per cent on gross sales under terms of development agreement, advance received by assessee from developer towards flat booking shall not be taxable in relevant year 2009-10 on receipt basis, but in subsequent assessment year when project was completed and tenements / flats were handed over to prospective buyers. Advance booking amount received by assessee is an advance receipt because right to collect said amount w

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