Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Page of 4803
Press 'Enter' after typing page number.
4221 to 4240 of 96047 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
On-money receipts from real estate sales were treated as undisclosed turnover, but only the embedded profit component was taxable, not the full receipt. The Tribunal held that profit had to be estimated on a reasonable basis using the project profile, cost structure, seized material and past margins, and fixed a uniform 10% rate on on-money receipts, rejecting both the assessee's lower rate claim and the Revenue's higher estimate. It also held that the estimated profit was taxable in the year the sale deed was executed and title-related risks and rewards passed, not when cash was received, and that ICDS-III was inapplicable to a developer. The assessee's appeals were partly allowed and the Revenue's appeals dismissed.
On-money receipts from real estate sales were treated as undisclosed turnover, but only the embedded profit component was taxable, not the full receipt. The Tribunal held that profit had to be estimated on a reasonable basis using the project profile, cost structure, seized material and past margins, and fixed a uniform 10% rate on on-money receipts, rejecting both the assessee's lower rate claim and the Revenue's higher estimate. It also held that the estimated profit was taxable in the year the sale deed was executed and title-related risks and rewards passed, not when cash was received, and that ICDS-III was inapplicable to a developer. The assessee's appeals were partly allowed and the Revenue's appeals dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
