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2012 (12) TMI 55 - GUJARAT HIGH COURTDeduction u/s.80IB(10) r.w.s. 80IB(1) – ownership of land – Held that:- Assessees were entitled to the benefit under Section 80IB(10) of the Act even where the title of the lands had not passed on to the assessees and in some cases, the development permissions may also have been obtained in the name of the original land owners - in favour of the assessee Estimation of income - Addition on account of payment received from one Trilok Associates and Goyal Designs – alleged that no evidence could be adduced by the assessee-respondent, when he was asked to reconcile the receipts – assessee submitted that books of account were destroyed on account of fire – Held that:- Net profit @ 8% was estimated by the CIT(Appeals) applying Section 44AD of the Act to the given facts and accordingly, the respondent-assessee was assessed - entire amount of receipt cannot be treated as income and resultantly estimated the income from the contract work at the rate of 8% - in absence of books of account, total income could not have been treated as the receipt – In favor of assessee
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