Estimated addition @ 25% of the advance booking receipt on ...

Income Tax

May 20, 2023

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 assessee was under legal obligation to refund the amount to the investors after receiving compensation from the government. Estimated addition @ 25% of the advance booking received by the assessee by the AO is not sustainable, hence rightly deleted by the CIT(A). - AT

View Source

← Previous Next →

Estimated addition @ 25% of the advance booking receipt on ...

Income Tax

May 20, 2023

You may also like:

Genuineness of purchases - AO rightly rejected the books of account and made the additions on estimate basis - jugglery of book entries has been played - HC

Estimation of income - on-money received by the assessee on booking of flats and shops - only element of income embedded in the on-money received by the assessee for...

Income - receipt of advance payment - due to inadvertence the amount was credited to the accounts of the assessee in the balance-sheet - no addition - HC

Addition u/s 68 - unexplained cash credit - receipt of cash from 5 different parties as advance towards sale of shops - when the assessee while discharging the initial...

Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

Addition u/s 69C OR 68 - Addition of share application money - Wrong mention of section - opening balance was carried forward - it is outside the ambit of section 68 - No addition.

Once the income is estimated, after rejection of books of accounts, no other addition is permissible on the basis of rejected books - AT

Unexplained credit u/s 68 - Partially genuine - As per AO, an individual creditor is true up to 75% level and untrue up to 25% level, which is unheard practice because a...

Addition u/s 68 - assessee has requested either estimate the commission income on such accommodation transactions or tax peak of the cash deposits - AT

Profiteering - purchase of flats / shops - it is alleged that the Respondent had not passed on the benefit of ITC to him by way of commensurate reduction in prices and...

Quick Updates: