Difference in rate of booking price - sale / booking of flats - ...

Court Rules on Discrepancies in Flat Booking Prices; No Evidence of Extra Payments Beyond Recorded Rates Found.

July 18, 2023

Case Laws Income Tax AT

Difference in rate of booking price - sale / booking of flats - different rates have been quoted/booked for the same area and the same project - On money paid by investor - Since, there is no iota of evidence that the assessee has received any extra money over and above the booking rate shown by the assessee in the books of account, addition in our opinion is based on surmises, conjectures and presumption. - AT

View Source

← Previous Next →

Difference in rate of booking price - sale / booking of flats - ...

Court Rules on Discrepancies in Flat Booking Prices; No Evidence of Extra Payments Beyond Recorded Rates Found.

July 18, 2023

Case Laws Income Tax AT

You may also like:

The appellant wrongly availed Cenvat credit on input services for unsold flats after issuance of completion certificate, contravening Rules 6(3) and 6(3A) of the Cenvat...

Addition on account of estimation of net taxable profit earned on the total 'on money' - difference in the sale price - The statement of purchaser cannot alone prove...

This case deals with the levy of deficit stamp duty and penalty in a court-conducted auction sale. The key points are: In a court-supervised auction sale, the stamp...

CESTAT determined that while rejection of declared transaction value of imported thoroughbred horses under Rule 10A of Customs Valuation Rules, 1988 was justified due to...

SC affirmed the Trial Court's conviction of the accused for bribery offenses under Sections 7 and 13(1)(d) read with Section 13(2) of Prevention of Corruption Act, 1988....

Valuation of imported goods - Tuners - It is for the department to prove that the invoice price is incorrect. When there is no evidence of contemporaneous imports at a...

Bogus sundry creditors - Whether CIT(A) had clearly violated the provisions of Rule 46A of the Income-tax Rules, 1962, while admitting additional evidence? - The High...

Clandestine removal - associated enterprises - There is no evidence of extra usage of electricity or any evidence for transportation of such clandestinely removed goods....

Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

ITAT ruled that the Transfer Pricing Officer (TPO) improperly determined Arm's Length Price (ALP) without following prescribed methods under Rule 10B. The TPO merely...

This notification amends the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021. Key changes include introducing a fixed price...

Valuation of imported goods - undervaluation of aluminium and zinc scrap of various grades imported from overseas suppliers. Redetermination of value based on import...

The Supreme Court upheld the validity of the Explanations to Rule 38 of the Mineral (Other than Atomic and Hydrocarbons Energy Minerals) Concession Rules, 2016 and Rule...

E-commerce business - Selling at a price lower than the cost price - unless certain provisions such as Section 145(3)are invoked, the AO is not empowered to go beyond...

HC allowed the appeal, setting aside ITAT's order rejecting additional evidence under Rule 29. The court found ITAT committed a legal error by summarily dismissing the...

Quick Updates: