Tribunal held that in the absence of transfer of units in a project neither a sale can be recorded in the books of the assessee nor any income can be said to have arisen in the hands of the assessee and consequently, no income can be brought to tax in the hands of the assessee. In the absence of transfer of units in a project neither a sale can be recorded in the books of the assessee nor any income can be said to have arisen in the hands of the assessee and consequently, no income can be brought to tax in the hands of the assessee.  The Ld.AO presumed that the assessee acted as a contractor and estimated profit @ 8% of cost. The Hon’ble Tribunal observed that there was nothing on record that stated the assessee acted as a “work contractor” on behalf of SNCML to construct the building. The contribution agreement referred to by the AO was nothing but assigning the supervision of the construction to the assessee by SNCML. Similarly, the assessee received contribution from the prospective unit buyers and the same was taken into consideration and offered to tax by SNCML. As a result, Revenue’s action of taxing 8% of cost of construction presumptively in the hands of assessee was incorrect. (AY 2011-12)