Accrual of income - option premium received on sale of 20 flats ...
Income Tax
December 30, 2022
Accrual of income - option premium received on sale of 20 flats - interest free option deposits before commencement of construction - Revenue cannot decide or dictate as to how an assessee should conduct its business or maximize its profits. It is by now well settled in law that, the Revenue cannot step into the shoes of the businessman for determining reasonableness and business expediency. Hence, the Ld. DR could not have questioned the necessity, purpose and manner of raising of funds by the assessee, in the form of option deposits from HRPL, as it was outside the domain and jurisdiction of the Revenue. - AT
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