Disallowance of compensation paid on breach of contract - ...

Compensation for contract breach disallowed; ownership not required for future sale contracts. Development transaction deemed legitimate.

June 13, 2017

Case Laws Income Tax AT

Disallowance of compensation paid on breach of contract - Assessee need not to be the owner of the property and still enter into a contract with promoters to sell such property to deliver in future to the buyer of the property - the transaction of development of properties in question cannot be held as a bogus or colourable device - AT

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Disallowance of compensation paid on breach of contract - ...

Compensation for contract breach disallowed; ownership not required for future sale contracts. Development transaction deemed legitimate.

June 13, 2017

Case Laws Income Tax AT

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