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Principal Commissioner of Income Tax Versus Laxmi Infra Delelopers Ltd.

2016 (10) TMI 45 - GUJARAT HIGH COURT

Estimation of income on booking receipts - Commissioner in his revisional order added profit at the estimated rate of 8 per cent - Tribunal noted booking receipts were only worth ₹ 22.42 crores (rounded off) on which the assessee had already of .....

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in the business of development of construction project in which booking profit on the basis of project completion method is a well recognised principle of accountancy. It is not pointed out to say that in the earlier orders, the assessee had taken a .....

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Bhatt, Advocate for the Appellant ORDER ( Per : Honourable Mr. Justice Akil Kureshi ) Leave to amend the proposed question of law. 2. In the present Tax Appeal, revenue has raised the following substantial questions of law for our consideration: (A) .....

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d 7 is applicable which the assessee himself has adopted while offering ₹ 3.5 crores as its income during the course of survey and not project completion method ? (B) Whether the Appellate Tribunal has erred in law and/or on facts in not consid .....

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ce the assessee has signed sale agreement (satakhat), all the risks and rewards have been transferred to the buyer and he is only acting as a contractor and therefore AS-7 and not As-9 was applicable ? (D) Whether the Appellate Tribunal has erred in .....

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hod ? (E) Whether the Appellate Tribunal while quashing the order under section 263 read with section 143(1) has erred in law and on facts in taking into account the booking amount and not the actual work done ? 3. Though the questions framed are man .....

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ion project. 4. So far as the first question is concerned, the Tribunal in the impugned judgment noted that even after upon reminder by the Commissioner after exercising revisinal power under section 263 there was no further additions made by the Ass .....

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esenting booking receipts and had added profit at the estimated rate of 8 per cent thereunder. The Tribunal noted booking receipts were only worth ₹ 22.42 crores (rounded off) on which the assessee had already offered tax at the rate of 8 per c .....

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