The Federal Board of Revenue (FBR) has issued an income tax demand of Rs. 1.82 billion against real estate developer Faisal Town (Private) Limited, alleging that the company understated its taxable income for Tax Year 2020 through an incorrect method of revenue recognition. FBR said Faisal Town initially estimated its total project development cost at Rs. ALSO READ FBR Updates Import Cost of Polyester Filament YarnUsing the original estimated development cost of Rs. 40.46 billion, the FBR recalculated the project’s completion ratio at 44.73% and determined Faisal Town’s taxable income for Tax Year 2020 at Rs.