Listing an article which is under revision in your CV Background

I am a student applying for graduate fellowships. I recently got a decision from an editor regarding a paper I wrote, stating that the referees recommend acceptance, but that substantial changes need to be made to the paper first, and that I should submit a revised version.

This journal does not have a specialized submission system (though it is under a reputable press), and based on the phrasing I’m not 100% sure whether this can be considered a decision of “accepted with major revisions” or “revise and resubmit”.

Based on other questions on the site it seems that listing a paper under revision in the CV is not always appropriate, but that as a student in my situation it should be okay.

Finishing the revisions before the application deadlines is unfortunately not an option.

My question

What’s the best way to list this in my CV?

Followup: does the answer change if I can’t list it on a separate section from my other peer reviewed publications? (since some applicatons have space constraints for the CV)

What I thought about doing was to list it together with my other, published papers, in the format of:

MyName. (in revision). Paper title. Journal name.
It is not uncommon that a paper gets rejected after an "accepted with major revisions" and it will make a very negative impression if you get asked when your paper will be published after you got a rejection.

However, that should not prevent you from listing your pending submission, but better choose a modest phrasing. In this context, I have seen for example something like


  MyName. Paper title. Submitted to the International Journal of Foo.


or


  MyName. Paper title. Currently under review at the International Journal of Foo.


One reason to list your pending submissions can be to show what you have been working on in the last months, but it will not count as "achievement", even if you mention that it got an "accepted with major revisions".