Inventory write-off and fraudulent/wrongful trading allegations in corporate insolvency led to director liability principles applied and appeal dismis...
Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Undisclosed 'on money' receipts are taxable only to the extent of the profit element; the profit rate is fact-specific and must be estimated from project stage, cost structure and seized material, and a 10% profit on gross on money was held reasonable on the facts. ICDS III (construction contracts) does not apply to a contractee/developer in this position, and where the assessee follows project completion/percentage of completion, estimated profit on on money is recognised in the year of execution of the sale deed or on transfer of significant risks and rewards, not necessarily on receipt of the cash.
Undisclosed 'on money' receipts are taxable only to the extent of the profit element; the profit rate is fact-specific and must be estimated from project stage, cost structure and seized material, and a 10% profit on gross on money was held reasonable on the facts. ICDS III (construction contracts) does not apply to a contractee/developer in this position, and where the assessee follows project completion/percentage of completion, estimated profit on on money is recognised in the year of execution of the sale deed or on transfer of significant risks and rewards, not necessarily on receipt of the cash.
Note: It is a system-generated summary and is for quick reference only.
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