https://www.taxtmi.com/caselaws?id=375105 The High Court of Bombay upheld the decision of the Income Tax Appellate Tribunal, determining that income received by a private limited company acting as a consultant in a housing project was not in the form of professional fees under section 194J of the Income Tax Act, 1961. The Court agreed with the Tribunal's findings that the income was part of an arrangement where remuneration was dependent on project completion, considering the amounts received as deposits to be adjusted against future payments. The tax appeals were dismissed, emphasizing the importance of analyzing income nature and agreement terms for accurate tax implications. en-us Mon, 04 Feb 2019 00:00:00 +0530 Thu, 14 Feb 2019 20:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375105 The High Court of Bombay upheld the decision of the Income Tax Appellate Tribunal, determining that income received by a private limited company acting as a consultant in a housing project was not in the form of professional fees under section 194J of the Income Tax Act, 1961. The Court agreed with the Tribunal's findings that the income was part of an arrangement where remuneration was dependent on project completion, considering the amounts received as deposits to be adjusted against future payments. The tax appeals were dismissed, emphasizing the importance of analyzing income nature and agreement terms for accurate tax implications. Case-Laws Income Tax Mon, 04 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375105