Whole profit of project can’t be taxed in first year just because Co. received all payment through post-dated cheques

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/whole-profit-of-project-can’t-be-taxed-in-first-year-just-because-co-received-all-payment-through-post-dated-cheques.aspx