Bogus accommodation entry - since the assessee has never ...

Income Tax

August 24, 2015

Bogus accommodation entry - since the assessee has never rescinded the agreement the question of forfeiting the earnest money does not arise - the agreement of sale in question is proved to be a sham transaction having been prepared to provide accommodation entry - AT

View Source

← Previous Next →

Bogus accommodation entry - since the assessee has never ...

Income Tax

August 24, 2015

You may also like:

Loss on purchase of land or earnest money paid - The undisputed fact is that the assessee is engaged in the business of real estate and that these payments were made in...

Levy of service tax - forfeiture of earnest money and retention of compensation / liquidation damage for not delivery of purchased goods by the other party - declared...

Addition of unexplained income - earnest/advance money under agreement to sell - The copy of the bank statements have been duly provided to the revenue authorities. The...

As the transaction of lease and sub lease was proved to be bogus no question of allowance of depreciation arises here - HC

Gain on sale of shares - accommodation entry or not - the income in question is a bonafide Long Term Capital Gain arising from the sale of shares and hence exempt from income tax

Levy of service tax on services provided to associated companies - book adjustment entries - When the service recipient itself is not there, the question of book...

Characterization of income - forfeiture of earnest money from the contractors, forfeited and appropriated by the assessee - The commercial operations of the power plant...

Power of the State to rescind the notification with retrospective effect - doctrine of promissory estoppel - The question of future revenue loss would not arise as the...

Deemed dividend u/s 2(22)(e) - earnest money paid by the company on behalf of the directors - money was not returned after cancellation of sell agreement - the entire...

Right to retain the money as forfeited - Limitation Act - Article 24 would apply only if the money was recoverable immediately upon receipt by the defendant, and not on...

Quick Updates: