Assessee-developer, sold a land under MOU dated 2-2-2012 for consideration of Rs.120 crore. The  assessee offered only a sum of Rs.100 crore for tax for assessment year 2012-13 as MOU provided that a sum of Rs. 20 crore would be paid by purchaser on execution of sale-deed after getting plan sanctioned and on inclusion of name of purchaser in 7/12 extract and assessee was not able to meet conditions of MOU during subject assessment year. AO  taxed entire sum of Rs. 120 crore in the relevant assessment year. Tribunal deleted the addition. On appeal by the revenue the Court held that  on facts, it was found that amount of Rs. 20 crore was not payable in relevant assessment year as assessee had not completed its obligation under MOU entirely, and that Rs. 20 crore were offered to tax in subsequent assessment year and also taxed. Accordingly the Tribunal was justified in holding that sum of Rs. 20 crore was not taxable in subject assessment year.  Followed  Morvi Industriees  Ltd v CIT (1971) 82 ITR 835 (SC) CIT v. Shoorji Vallabadas & Co ( 1962) 46 ITR 144 (SC) CIT v. Nagri Mills Co. Ltd. (1958) 33 ITR 681 (Bom.)(HC)   (AY. 2012-13)