Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Only the profit element embedded in on-money receipts was held taxable, because the Tribunal examined the assessee's disclosed receipts, profit and loss account, gross revenue and project cost, and found that taxing the entire on-money would create an unrealistically high net profit ratio for the real estate business. The Tribunal therefore treated the receipts as containing profit only and, on estimate, enhanced the addition from 20% to 40%. The High Court held this to be a factual appreciation and estimation exercise, not a substantial question of law. Both the Revenue's challenge for full addition and the assessee's challenge to the higher estimate were rejected.
Only the profit element embedded in on-money receipts was held taxable, because the Tribunal examined the assessee's disclosed receipts, profit and loss account, gross revenue and project cost, and found that taxing the entire on-money would create an unrealistically high net profit ratio for the real estate business. The Tribunal therefore treated the receipts as containing profit only and, on estimate, enhanced the addition from 20% to 40%. The High Court held this to be a factual appreciation and estimation exercise, not a substantial question of law. Both the Revenue's challenge for full addition and the assessee's challenge to the higher estimate were rejected.
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