Claim of expenditure of the amount forfeited by the Seller for ...

Court Upholds Businessman's Prerogative in Claiming Forfeited Amount as Genuine Business Expenditure Despite Loss.

July 19, 2016

Case Laws Income Tax HC

Claim of expenditure of the amount forfeited by the Seller for non-fulfillment of the purchase agreement - assessee is dealer in immovable property and it is for a businessman to decide the manner in which he should conduct his business and take steps which are in the best interest of his business. A mere loss in a venture does not mean that the transaction is not genuine. - HC

View Source

← Previous Next →

Claim of expenditure of the amount forfeited by the Seller for ...

Court Upholds Businessman's Prerogative in Claiming Forfeited Amount as Genuine Business Expenditure Despite Loss.

July 19, 2016

Case Laws Income Tax HC

You may also like:

SVLDRS - The court acknowledged that the petitioner failed to make the balance payment within the extended period due to financial constraints post-COVID-19. However, it...

The case involved a petitioner seeking relief under Article 227 of the Constitution regarding the rejection of their application for condonation of delay in claiming a...

Liquidated damages arising from breach of contract or forfeiture of amounts like salary or bond money do not constitute consideration for a declared service u/s 66E(e)....

The ITAT held that the CIT (A) erred in admitting additional evidence without following Rule 46A. Deletion of additions on forfeited amount and various expenses was...

The High Court addressed the issue of the relevant date for adjudicating claims in a liquidation scenario. The Court held that claims should be adjudicated up to the...

Addition u/s 56(2)(ix) - forfeited amount of application money collected on issuing shares against share warrants - The amount forfeited by the assessee out share...

The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s exercise of suo moto power u/s 154 to rectify their earlier order. The CIT(A) had not...

The appellants challenged the order of the Commissioner (Appeals) denying eligible interest on the refunded amount. The court held that interest accrued on the deposited...

Recovery of rebate claim - Adjusted rebate claims towards their existing liabilities - The High Court confirmed that the petitioner was eligible for rebate on their...

The respondent-company purchased a flat for residential use of its director and family, not for commercial purposes. The appellant-builder wrongfully cancelled the flat...

The High Court addressed the issue of extending stay beyond 365 days by ITAT under the third proviso to Section 254(2A) with the 2008 Finance Act amendment. The...

Settlement in a cheque dishonor case u/s 138 NI Act recorded by the court after satisfying its voluntariness is legally binding. Upon breach, the court must initiate...

Forfeiture of amount - Addition of amount forfeited by assessee on share warrants u/s 43(5) - amount received on account of forfeiture of amount due to non payment...

The High Court considered the legality of a penalty imposed u/s 31(3) of the Bihar Finance Act, 1981, due to the want of Form 28B. The issue was whether the defendants...

The High Court held that the Execution Application filed by the Applicant against the Respondent does not survive due to the approved Resolution Plan under the...

Quick Updates: