Section 145 of the Income-tax Act

That recognition of the revenue from the sale of plots by the assessee only when the registration of the sale deed has been done by the assessee in favour of the buyer is not a recognised method of recognising the revenue. The method adopted by the assessee cannot be regarded to comply with the ingredients as laid down under Section 145 of the Income-tax Act, 1961. The two fundamental principles of tax jurisprudence are, first, each year is an independent and self-contained unit of assessment and, second, it is the correct income for the year that is to be brought to tax for that year.


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