Recognition of revenue by developer only on registration of sale deeds wasn't a valid method under s

IT : Recognition of the revenue from sale of plots by assessee only when the registration of the sale deed has been done by the assessee in favour of the buyer is not a recognized method of recognizing the revenue under AS-7. This method is neither project completion method nor percentage of completion method. The method adopted by the Assessee, therefore, cannot be regarded to comply with the ingredients as laid down u/s 145 of the Income Tax Act. Sec. 145 of the Income Tax Act