Addition as unrecorded profit on sale of flats - there was no ...

Income Tax

January 8, 2016

Addition as unrecorded profit on sale of flats - there was no factual or legal basis to contemplate any notional or hypothetical sale consideration in the absence of any specific evidence or material in the possession of the AO to counter the stand of the assessee - AT

View Source

← Previous Next →

Addition as unrecorded profit on sale of flats - there was no ...

Income Tax

January 8, 2016

You may also like:

Classification of head of Income – adventure in the nature of trade or sale of capital asset - sale of property after getting the flats constructed - taxable as capital...

Addition on account of notional interest - it can be concluded that till the conclusion of sale deed amounts advanced continued to be for acquisition of assets -...

Taxability of profits arising on sale of three flats through execution of sale deeds - proportionate cost of construction for three flats out of total eight flats comes...

Additions against Suppressed sales - huge variance in sale price of flats - ld. AO is directed to give consequential relief by applying this weighted average rate - AT

Accrual of incentives - Addition u/s 28(iii)(c) of the Act – Hypothetical income of the incentive on Advance License – Assessee has discontinued its manufacturing...

Clandestine removal - The allegation has been raised on the basis of hypothetical and illogical input-output ratio of iron ore to pig iron

Valuation of import of goods - Additions of 2% Notional Commission on High Seas Sale - Purchased goods / Propane on High Seas Sale basis from various Public Sector...

Addition to the valuation of unsold flats - the valuation of unsold stock at the close of an accounting period is a necessary part of the process of determining the...

Provision for sick leave liability - based on the basis of notional figures - such notional liability cannot be allowed as deduction - section 43B(f) is not applicable.

Estimating the profit on alleged unrecorded sales - A.O. directed to make addition by estimating profit @ 15% of the amount so deposited in the bank account with respect...

Quick Updates: