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(emphasis supplied) AND ITA.1155/Del/2009 & ITA.5067/Del/2013 AND C. O. No. 55/Del/2014 Sahara India Power Corporation Ltd., Pune

35. Reliance is further placed by the ld. A.R. on the decision of this Hon'ble Tribunal dated 24.08.2020 in the case of ITO vs Ritesh Properties & Industries Ltd: ITA No.3336/Deli,2011. In the said case, the assessee, a public limited company, was engaged, inter alia, in the business of real estate. Permission for development of Integrated Industrial Park at Ludhiana, Punjab was granted to the assessee. Despite the fact that said permission was hedged with various conditions, including in particular, prohibition on pre-launch of the Project, the assessee, on pre-launch basis, entered into agreement for sale of part of the Project, resulting in recognition of notional amount of Rs.9crores as revenue, which was subsequently cancelled. Accordingly, revised audited financial statements were prepared which were duly approved by the members, wherein an amount of Rs.9 crores erroneously recognized as revenue in the original financial statements was excluded. In the assessment proceedings, the assessing officer, however, held that the revised audited financial accounts were not acceptable, and income was assessed based on the originally audited accounts. On appeal, the CIT(A) accepted the revised accounts and consequently, deleted the addition made by the assessing officer. On further appeal by the Revenue, this Hon'ble Tribunal held as user: