Method of accounting - development agreement - Adhoc addition of ...

Case Laws Income Tax

May 17, 2017

Method of accounting - development agreement - Adhoc addition of 3% of work in progress - assessee is regularly following project completion method of accounting for computation of its income - AS-7 is not applicable where contracts commenced prior to 1.4.2003 - AT

View Source

← Previous Next →

Method of accounting - development agreement - Adhoc addition of ...

Case Laws Income Tax

May 17, 2017

You may also like:

Addition u/s 40A(3) being 20% of the amount paid - assessee was acquiring the land from the various farmers by paying cash to them and debiting it to the capital work in...

Addition u/s 43B - Method of accounting - unpaid statutory dues of service tax, Excise and PF by changing the method of accounting - The assessee followed the exclusive...

The assessee's claim for deduction u/s 80IA(4) was denied on the grounds that the assessee is not a developer of any infrastructure project but a simple works contractor...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

Addition of revaluation of closing WIP - the work in progress followed at cost + net profit so as to bring the contract revenue for the period lying with the requirement...

Disallowance of proportionate revenue expenditure - allocating adhoc 10% of other expenses to work-in-progress account - AO directed to allocate 25% of other expenses of...

Addition on account of lump-sum lease charges received - lease transaction does not give an absolute ownership or title as it can be cancelled and re-entered - assessee...

Addition on account of estimation of net taxable profit earned on the total 'on money' - difference in the sale price - The statement of purchaser cannot alone prove...

Penalty u/s 271(1)(c) - when we examine penalty levied on account of salary disallowance AO has merely made adhoc addition by way of guess work and the AO has not...

Disallowance of interest expenses u/s. 36(1)(iii) - disallowance of financial cost attributable to capital work in progress and project work in progress - In case, the...

TP Adjustment - selection of most appropriate method (MAM) - Resale Price Method or Transactional Net Margin Method - Introduction of Fresh Comparables - Removal of 3%...

Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

Addition based on statement recorded during the course of survey action u/s. 133A - AO proceeded with making of addition based on the mere statement given by the...

Adhoc Addition on account of personal use of car, on account of tour and travelling expenses and on account of telephone expenses - When undisputedly assessee has...

Quick Updates: