Loss of Advance given to procure land for future projects - the ...

Income Tax

April 18, 2015

Loss of Advance given to procure land for future projects - the amount in question was advanced by the assessee for purchase of land which would be going to form part of stock in trade of the assessee being in the business of construction and development - allowed as revenue expenditure u/s 37(1) - AT

View Source

← Previous Next →

Loss of Advance given to procure land for future projects - the ...

Income Tax

April 18, 2015

You may also like:

Undisclosed income - since the advances made to boat owners was subject to tax out of which fish was supplied and Same was sold and the sale proceeds was shown as...

Business loss or Bad Debts - written off of advances – advances given for material supply – held as business loss instead of bad debts - claim allowed - AT

Scope of advance ruling (AAR) - The ruling is sought on two questions: GST applicability on electricity produced from solar panels and on services provided by KSEB. -...

Disallowing the business advances written off - Trading loss u/s 28 - claim of assessee to be considered u/s. 28 or section 37 - In the present facts of the case, there...

Dishonor of Cheque - insufficiency of funds - existence of legal debt or liability - The obligation is upon the complainant to establish, when a question is raised about...

Deemed dividend u/s 2(22)(e) - assessee is a major share holder in loan granting company - Advance given for purchase of property - The words “loans or advances”...

Source of Cash deposited into the Bank Account - Agricultural income - advances received from customers in land transactions - CIT(A) ought to have considered the...

Levy of GST - Services of Membership Association - amounts collected from its members for setting up the 'Sinking Fund'/ Corpus Fund - supply of goods or services or...

Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

Eligibility of relief u/s 89 r.w. Rule 21A of I.T. Rules - Amount to be spread over the years including future years - compensation received by the assessee as only...

Addition u/s 41(1) on bogus creditors - amount received from 10 parties are not sundry creditors as they have advances for booking of plot of lands of which few have...

Addition on account of forfeiture of advance - nature of expenses - for whatever reason, the advance given was forfeited. In this view of the matter, the advance given...

Advances to subsidiary company – Allowability as bad debt – the loss of advance by the assessee company to its 100% subsidiary company is to be allowed as a business loss - AT

Scope of the Advance Ruling - Whether the matter (case) was pending - Merely because an officer of customs contemplates that a question may arise, does not mean that the...

Levy of service tax - outstanding advances - the activity of the respondent is held to be in the nature of pure agent. As such, no service tax can be demanded on the...

Quick Updates: