Dismissing the appeal the Tribunal held that, The Commissioner (Appeals) was right in holding that under the Maharashtra Ownership of Flats Act, 1963 until possession was handed over to the purchaser, there always existed a situation that the builder/developer might become liable for refund of the amount received from the purchaser and that the effective risk of the builder was transferred only when possession was handed over to the purchaser. And the shifting of the gross sale receipts recognized by the assessee in the financial years 2011-12 and 2012-13 to financial year 2010-11 by the Assessing Officer without shifting the expenditure incurred in connection therewith was a violation of Accounting Standard 1 notified under section 145(2) of the I Act. Tribunal also held that   there was no contravention of rule 46A of the Income-tax Rules, 1962 by the Commissioner (Appeals) in deleting the amount of Rs.29,23,305 added by the Assessing Officer on the ground that in the advance columns in the audited accounts the amount of cancellation of gala did not figure, since the Commissioner (Appeals) had arrived at a definite finding that the amount had been repaid to the parties and tax had also been deducted on the compensation/premium paid on cancellation after examining the balance sheet of the assessee as on March 31, 2010 (earlier year), ledger accounts and certificates of tax deduction at source. (AY. 2011-12)