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Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Addition received as advance for sale of property - there is no ...

Income Tax

September 30, 2015

Addition received as advance for sale of property - there is no evidence why the deal did not mature. How the amounts were returned whether any receipts were taken or not is not clear. All these circumstances make the whole story not plausible - HC

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  1. Addition made on account of unaccounted cash receipts – Sale of car parking area - Without any evidence in the year for receipt of on-money the addition cannot be sustained - AT

  2. Addition of deemed dividend u/s 2(22)(e) - business transactions - Received advance from Sister Concern in which assesssee has substantial interest - This was a pure...

  3. Capital gain u/s 45 - agreement for purchase of property could not mature - amount received by the assessee over and above the advance amount as the settlement agreement...

  4. Addition u/s 56(2)(ix) - Receipt of advances against the property - In factual matrix, the advance amount was never be forfeited or adjusted in the capital account of...

  5. Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot be taxed merely on conjecture or surmises. - The AO needs to bring on record evidence which proves that...

  6. Liability of service tax - advance deposit received for Renting of Immovable Property Services - refundable security deposit - Such refundable amount cannot form...

  7. Sale of rubber tress - Agricultural income or not - The amount received by the assessee on sale of old rubber trees in the three years under consideration constitutes...

  8. Nature of amount received as compensation towards rent out property - Mense profit - Mense profit is not revenue receipt but capital in nature - not taxable - AT

  9. Deemed dividend - Advance Received Against Sale of Property u/s 2(22)(e) - n the respective balance sheet of the company amount had not been shown separately as advance...

  10. Income - receipt of advance payment - due to inadvertence the amount was credited to the accounts of the assessee in the balance-sheet - no addition - HC

 

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