Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
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

View Source

 


 

You may also like:

  1. 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...

  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. Addition on cessation of liability - Amount of advance received for sale of property - the amount of advance received should be reduced from the cost of acquisition of asset. - AT

  4. Addition u/s 68 - unproved trade / sundry creditors - There is no justification for making the addition of advances received from the customers without taking into...

  5. Scope of Deposits - amounts collected by the petitioners for sale of immovable property as advance - would come under the purview of ‘deposits’ or would exempt from the...

  6. Addition towards advance received for sale of flats - accrual of income - income accrues to a builder or developer only when transaction of sale is complete and any...

  7. Addition u/s 56(vii) - Addition on account of alleged under-valuation - Since, in the instant case, the assessee has sold her 12.5% share in the property to her son at...

  8. 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...

  9. Addition u/s 68 - Unexplained cash advances received from various customers - trade advances given by the creditors/customers were found to be adjusted against the sale...

  10. Scope of 'deposits" - advances received towards sale consideration of immovable property - To unlock the funds invested in development of the lay outs etc., the 1st...

  11. Addition u/s. 28(iv) - advance money against sale of property forfeited by the assessee - Merely for the reason that the amount received as loan in an earlier year was...

  12. Addition of short term capital gain - Non-adjustment of adavance received with the sale consideration of property - It is unbelievable that, the advance received was...

  13. Addition on account of suppression of sale - The entire amount of suppressed sale cannot be treated as income of the assessee. It is because there was no evidence...

  14. Bogus sale - allegation of unaccounted sale to the petrol pump owners/other industries - the sale price declared by the assessee was accepted by the sales tax department...

  15. Addition u/s 68 - advances received from customers on the occasion of Ramnavami Nayakhata - these advances have subsequently been recorded as sales of the assessee firm...

 

Quick Updates:Latest Updates