Home Highlights June 2015 Year 2015 This

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1. Accrual of income - treating of advances received by the assessee from flat buyers as income of the assessee for AY 2006-07 - selection of Project Completion Method or...

2. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

3. The RERA lacks jurisdiction over projects completed before its enactment. The project obtained Occupation/Completion Certificate prior to RERA's commencement, rendering...

4. Determination of correct profits - percentage completion method - real estate development - when a stage is arrived that risk and rewards shift from the developer to...

5. Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

6. Deemed dividend u/s 2(22)(e) - the expression, “accumulated profits“ means profits in the commercial sense and not assessable or taxable profits liable to tax - HC

7. Taxability of interest of income on fixed deposits - The assessee had made fixed deposits with banks and derived interest income thereon only to recover the interest...

8. Scope of “limited scrutiny”? - The purpose of selection of a case for scrutiny be it complete scrutiny or limited scrutiny, is only determination of total income of the...

9. Income received by the assessee for letting out of Malls is assessable under the head “Income from profits and gains of business or profession” - Income received from...

10. Diversion of Revenue at Source - Reducing the business income being the share of profit of one of the members of AOP of the assessee - the computation of profit and...

11. Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

12. Rejection of books of accounts - valuation of the closing stock - gross profit margin - Assessment was complete u/s 143(3) - After that, during survey u/s 133A, assessee...

13. NP rate determination - net result of trading operations of assessee JV - CIT(A) while upholding this exorbitant profit rate has observed that in the case of M/s KIEL...

14. Deemed dividend u/s 2(22)(e) - accumulated profits would mean profit in the commercial sense and not assessable taxable profits - share premium account would not partake...

15. In a case regarding GP estimation, the Assessing Officer (AO) applied an 8% profit rate on the assessee's turnover, which did not match Form 26AS. The CIT(A),...