Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
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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.
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