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2016 (10) TMI 45 - GUJARAT HIGH COURT

2016 (10) TMI 45 - GUJARAT HIGH COURT - TMI - 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 offered tax at the rate of 8 per cent and Commissioner was factually wrong in making further additions on this score - Held that:- Irrespective of the error of the Commissioner in referring to the said figu .....

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kil Kureshi And A. J. Shastri, JJ. Mrs Mauna M 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) Whether the Appellate Tribunal has substantially erred in law and on facts in quashing the revision order under section 263 read with section 143(3) of the Act without appreciating the fact that percenta .....

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in law and on facts in not considering that once 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 law and on facts in not appreciating the fact that when the assessee himself had offered ₹ 3.5 crore as its income following percentage completion method during the course of survey, the assessee wa .....

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