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Tax Right Income, in Right Hands, under Right Head, in Right Year: ITAT
Case Law Details
- Case Name
- Economical Credit & Construction Co. Pvt. Ltd Vs ITO (ITAT Delhi)
- 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 Delhi
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Economical Credit & Construction Co. Pvt. Ltd Vs ITO (ITAT Delhi)
Introduction: In the case of Economical Credit & Construction Co. Pvt. Ltd vs. ITO, a significant tax dispute arose concerning the income from the sale of land. The dispute revolved around whether the income accrued in the year of sale or in a later year, and the treatment of associated expenses.
Detailed Analysis: The appellant, Economical Credit & Construction Co. Pvt. Ltd, had initially recorded the sale of land during the financial year 2006-07 but had not accounted for the transaction in their books of accounts....
