https://www.taxtmi.com/caselaws?id=270568 Tax treatment turned on completed transactions, accounting method, and factual verification. Estimated profit additions on alleged flat and parking-space sales were not sustainable where the books were not rejected and the assessee followed the completed contract method. Amounts received for flat booking were taxable in the year possession was handed over and full consideration was received, because later registration was only procedural; double taxation in a later year was to be avoided. Disallowance of labour charges under section 40(a)(ia) required verification of the payees' tax compliance. Separate addition for bank deposit and withdrawal differences was deleted because the transactions were recorded in audited books. Interest disallowance and miscellaneous expenditure issues were either remanded for limited verification or left undisturbed on the facts. en-us Wed, 18 Nov 2015 00:00:00 +0530 Fri, 08 Jan 2016 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270568 Tax treatment turned on completed transactions, accounting method, and factual verification. Estimated profit additions on alleged flat and parking-space sales were not sustainable where the books were not rejected and the assessee followed the completed contract method. Amounts received for flat booking were taxable in the year possession was handed over and full consideration was received, because later registration was only procedural; double taxation in a later year was to be avoided. Disallowance of labour charges under section 40(a)(ia) required verification of the payees' tax compliance. Separate addition for bank deposit and withdrawal differences was deleted because the transactions were recorded in audited books. Interest disallowance and miscellaneous expenditure issues were either remanded for limited verification or left undisturbed on the facts. Case-Laws Income Tax Wed, 18 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270568