Case Law Details
Case Name : Madhusudan Buidcon P. Ltd. Vs ACIT (ITAT Delhi)
Related Assessment Year :
Courts :
All ITAT ITAT Delhi
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Brief Facts of the case:
The assessee was engaged in real estate business. During the course of the year in question, it entered into a joint venture with M/s Newera Sanitarware Pvt. Ltd. and M/s Yah Softech Pvt. Ltd., for purchasing a plot of land admeasuring 121 kanals and 10 marlas, situated at Mouja Dhankot, Tehsil district Gurgaon. The assessee’s share in the plot was 25%. While entering into the agreement for the purchase of property, the three companies made an initial advance of Rs.35 lacs.
While making such initial advance payment, a total cash payment of Rs.4 lac was also made. The...
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Author Bio
Sir,
I case if due to some dispute deal is not finalized and the advance is forfeited by the the seller and assessee claim this advance payment as expense in P&L.
Then this will be allowed or disallowed under Sec. 40A(3).
and the second case is,if it is claimed as expense in subsequent financial year.
Thanks & regards,
Mohit Garg
from 01.06.2015, even capital expenditure also covered and not allowed to be paid above 20000