1. Whether gains on proceeds received by the appellant as part of payment towards purchase of service plots do count as revenue for the year of income and therefore taxable according to law

2. Whether expenses related to the above proceeds could be transferred to the stament of income and expenditure from the stament of financial positon

The Appellant avers that the deposits received do not count as
revenue since as per the agreement contained in the Letters of Offer
between itself and the intending purchasers the deposits are
refundable and so there is no sale as the transaction is incomplete

11. The Appellant also avers that the C0
to these plots should not be cost of transferred
of land and other costs related should be transferred to the revenue statement since the related to unfinished works of the project and cannot be deducted
against the deposits received.

The Appellant avers that the deposits received do not count as
revenue since as per the agreement contained in the Letters of Offer
between itself and the intending purchasers the deposits are
refundable and so there is no sale as the transaction is incomplete

11. The Appellant also avers that the C0
to these plots should not be cost of transferred
of land and other costs related should be transferred to the revenue statement since the related to unfinished works of the project and cannot be deducted
against the deposits received.