Case Law Details
Brief of the Case: In the cited case, ITAT directed AO inter-alia to include installments received on sale of various houses and flats under hire purchase agreement and at the same time allow corresponding expenditure which has been expended by the assesses in cash (including through cheque).
Facts of the Case: During assessment proceedings, the Assessing Officer noticed that assessee was accounting for the installments received against sale of allotment of house as capital receipt. Such receipts were Rs.2,96,76,773/-. After detailed discussion, this amount was added to the income of the assessee.
On first appeal, the CIT (A) confirmed the action of the AO.
The assessee questioned the order of the CIT (A) before the ITAT.
Grounds for appeal before ITAT: The grounds for appeal that whether
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