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Section 41(1) not applicable to Advance for bookings not claimed as allowance or deduction
Case Law Details
- Case Name
- ACIT Vs Sunderdeep Construction Pvt. Ltd (ITAT Indore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Indore
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ACIT Vs Sunderdeep Construction Pvt. Ltd (ITAT Indore)
On perusal of the finding of Ld. CIT(A) as well as the facts narrated before us along with the documentary evidences it is predominantly clear that the alleged amount of bogus creditors are not in the form of sundry creditors. These amounts are advances against booking of plots. When the plots are developed and the parties who have booked the plots give the remaining amount if any, then the advance given at the time of booking is transferred to sales account.
We therefore are of the view that as regards the amount outstanding at Rs.12,45,6...
