AO can’t tax whole profit in first year if part of payment is to be received only after completion of project: ITAT

INCOME TAX : Where assessee had entered into a MoU with SIPL to invest in project to be executed by SIPL and SIPL was to complete project and help assessee to market and sell flats, since project was not completed in present assessment year and, promised payments against project was part of total agreed sales proceeds when project was completed, Assessing Officer could not have brought whole profit of project to tax in first year of execution of MoU

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000316080/ao-can’t-tax-whole-profit-in-first-year-if-part-of-payment-is-to-be-received-only-after-completion-of-project-itat.aspx