Tribunal held that the AO has not disputed the fact that the assessee is required to carry out the specified development activities and also the application of percentage of completion method of recognition of revenues but has missed this finer nuisance of interconnection between the economic substance of the transaction and application of percentage completion method of recognition of revenues while analyzing the guidance note issued by the ICAI and which has been rightly appreciated by the ld CIT(A). The stage of development of the township project has been determined by the assessee at 45.73% with reference to entire land and development cost for the whole project and is not in dispute before us. The total revenues in respect of executed sale deeds till 31.03.2012 comes to Rs 5,44,46,105 and 45.73% thereof comes to Rs 2,48,98,204 and after allowing credit for revenues already recognized in the previous year amounting to Rs 37,59,918, the revenues for the year have been rightly determined by the ld CIT(A) at Rs 2,11,38,286 and we hereby affirm his findings in this regard.( ITA No. 105, 119,172,106 & 120 /JP/2017, dt. 22.12.2017)(AY. 2012-13)