Hire Purchase Installments received to be taken as income by allowing corresponding expenditure as deduction

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. S

Please become a Premium member. If you are already a Premium member, login here to access the full content.