https://www.taxtmi.com/caselaws?id=292122 Rejection of books was sustained because the completed contract method did not reflect true yearly profits. Estimated profit additions were partly moderated by excluding sums not retained by the assessee and profits already declared, while external development charges were remanded for fresh factual examination. Several expenses were allowed as business or statutory deductions, including demarcation and survey costs, business interest, contribution to Delhi Metro, employee salary, and sales tax; disallowances under section 40(a)(ia) and section 14A were deleted on the facts. Forfeiture of security, sale of plants, and contribution to IAG were upheld as taxable or non-allowable. Rental income remained house property income and dividend retained its character. en-us Tue, 06 Feb 2018 00:00:00 +0530 Tue, 08 Dec 2020 10:12:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292122 Rejection of books was sustained because the completed contract method did not reflect true yearly profits. Estimated profit additions were partly moderated by excluding sums not retained by the assessee and profits already declared, while external development charges were remanded for fresh factual examination. Several expenses were allowed as business or statutory deductions, including demarcation and survey costs, business interest, contribution to Delhi Metro, employee salary, and sales tax; disallowances under section 40(a)(ia) and section 14A were deleted on the facts. Forfeiture of security, sale of plants, and contribution to IAG were upheld as taxable or non-allowable. Rental income remained house property income and dividend retained its character. Case-Laws Income Tax Tue, 06 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292122