Educational approval requires mandatory State registration, but incidental surplus and trustee-owned land do not prove private benefit or profit motiv...
Judicial review of settlement orders cannot reopen settled customs notices, while statutory interest remains subject to verification and quantificatio...
Customs Broker licence lending for consideration justified revocation where exporter authorisation and client verification obligations were also breac...
Fraudulent import documents suspend limitation protection, while redemption of confiscated goods requires duty and interest despite bona fide purchase...
ODR arbitration participation remains mandatory after failed conciliation, while jurisdictional and maintainability objections stay available before t...
Page of 4814
Press 'Enter' after typing page number.
141 to 160 of 96262 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 
TaxTMI 
of 4814 
Join Channel 
