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Income Tax - Highlights / Catch Notes

Home Highlights May 2020 Year 2020 This

Accrual of income - Addition on sale of development rights - ...

Income Tax

May 31, 2020

Accrual of income - Addition on sale of development rights - When obligations of the assessee under the joint venture agreement are not yet performed, there cannot be any occasion to bring the consideration, for performance of such obligations, to tax.

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  1. Classification of services - Business Support Services or not - Joint venture - co-developer or agent - if strictly go through the above agreement, it is nowhere...

  2. A “joint venture” would mean a joint arrangement, entered into in writing, whereby the parties that have joint control of the arrangement, have rights to the net assets...

  3. Joint venture / consortium partner agreement - sharing of revenue - one partner paid the service tax - prima facie case is in favor of assessee - AT

  4. Deduction u/s 80IB(10) - assessee had not incurred any expenses towards development or construction of the housing project - we have noted the factual position as could...

  5. Levy of service tax - renting of immovable property service - Joint Venture (JV) agreement - sharing of revenue is not a consideration for rendition of any services -...

  6. JDA - Proof of conversion of land into stock-in-trade - though the sale is more than One Crore, no Audit Report is filed by the assessee. No Balance Sheet has been filed...

  7. Joint Venture - taxable services provided by the members of the Joint Venture (JV) to the JV and vice versa and inter se between the members of the JV-reg.

  8. Accrual of income - Year in which income is taxable - Receipt of Security Deposit - Addition on account of sale of development rights by the assessee - the fulfillment...

  9. development and construction of residential flats - joint development agreement - benefit of Section 80IB(10) in proportion to the share to which they are entitled to...

  10. Construction of residential complexes - joint land development agreement - agreement prior to 19-4-2006 - value of flats given to land owners - inclusion of Registration...

 

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