Retraction of statement after inordinate delay without proving that same was obtained forcefully/by coercion/undue influence is clearly an after-thought and looses its significance.
Law on how revenue should be recognized by a developer of property under the percentage completion method in the light of Accounting Standards AS-1, AS-7 & AS-9, the Guidance Note on Accounting for Real Estate Transactions issued by the ICAI and several judgements on the issue explained
Only a right under the agreement to receive the interest by the assessee without reasonable certainty of realization of the same cannot be brought to income tax.
1. The impugned additions and disallowance made in the order dated 29-12-2011 under section 143(3) of the Act, bad in law and on facts of the case, for want of jurisdiction and various other reasons and hence the same kindly be deleted.
When the entire investment for the purchase of new house has gone through the assessee’s account then benefit u/s 54 of Income Tax Act cannot be denied on the ground the new house was purchased in the name of wife. Hence, the claim of the assessee u/s 54 of the Income Tax Act is allowed.
The Jaipur bench of ITAT comprising Vijay Pal Rao (judicial member) and Vikram Singh Yadav (accountant member) recently held that the circular issued by the Central Board of Direct Taxes (CBDT) restricting amenities to doctors is
Vinita Ranka Vs ITO (ITAT Jaipur) There is no dispute that during the course of assessment proceedings the AO noted that the bank transactions including the deposit in the bank and outward transaction are more than Rs. 4 Crores. The assessee then filed revised computation of income and admitted the turnover of more than Rs. […]
When assessee failed to file any reliable evidence or documents, which could establish that she was a sub-broker and cash deposited in her bank account belong to her clients, then action of treating the entire cash deposits as per section 69 as unexplained investment of the assessee was held to be fully justified.
A bench comprising Vijay Pal Rao (JM) and Vikram Singh Yadav (AM) of Income Tax Appellate Tribunal (ITAT) recently declared that Interest u/s 234B of the Income Tax Act can be levied on ground of non-payment of advance tax in respect of Alternative Minimum Tax.
Merely for the reason that new residential house property has been purchased by assessee in wife name, same cannot be basis for denial of deduction claimed u/s 54F.
