Advances collected from customers towards flat bookings in cash ...

Income Tax

January 8, 2016

Advances collected from customers towards flat bookings in cash and later returned to the customers by way of account payee cheques cannot be at any stretch of imagination considered as assessee's income from undisclosed source - AT

View Source

← Previous Next →

Advances collected from customers towards flat bookings in cash ...

Income Tax

January 8, 2016

You may also like:

Exemption u/s 11 - diversion of funds - advance by account payee cheques for the benefit of interested party - The contention of the assessee that the amounts were...

Demand of differential duty and interest - demand towards cash discounts availed for which prompt payments are not made by the customers within the specified period -...

Disallowance u/s.40A(3) - expenses towards air ticket and hotel expenses in cash in excess of prescribed limit u/s.40A(3) - there is merit in arguments of the assessee...

Dishonor of Cheque - Bank has been made as party - Liability of bank in case of dishonor of cheque - The bank is only the custodian of the money of the customers and has...

Disallowance u/s 40A(3)(a) of the Act – Payment made otherwise than by account payee cheque - endorsement of crossed cheque - disallowance confirmed - HC

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...

Estimated addition @ 25% of the advance booking receipt on shops/flats by the AO u/s 68 - Since the project could not be further carried out due to legal bar the...

Addition u/s 69B - Cash transactions in the seized documents during a search operation - cash against sale of flat - When no material has been found that assessee has...

Disallowance u/s 40A(3) - 20% of the expenditure made in cash - payment made towards advance - decided in favor of assessee - AT

Income from other sources u/s 56 or unexplained cash receipts u/s 69A - when the amounts received in cash against the same transaction of sale of flats which have not...

Quick Updates: