Assessee engaged in business of builder and developer, had entered into a joint venture agreement with a company against certain consideration on account of transfer of development rights in respect of a property. Amount received was to be treated as an advance till 25 per cent of slum dwellers occupying said property would vacate premises and balance was to be received upon all slum dwellers vacating said property and shifting to alternate temporary transit accommodation and as it could not get vacant possession, it had to refund said sum and said sum could not be treated as income of assessee.  The AO  held that the assessee followed mercantile method of accounting and, therefore, income was earned when transfer was complete, i.e., in relevant previous year, and, thus, proceeded to bring entire consideration to tax in relevant previous year. CIT(A) deleted the addition. On appeal by the revenue the Tribunal held that it was found that it was composite agreement, and all terms of agreement were to be read in conjunction with each other and this payment could not be read in isolation. Since obligations under agreement had not been performed till date, income in question never accrued to assessee. (AY. 2009-10)