Deduction u/s. 80IB on the cancellation charges - when the ...

April 30, 2020

Case Laws Income Tax AT

Deduction u/s. 80IB on the cancellation charges - when the assessee sells the apartments subsequently in later years which were cancelled by the buyers in earlier years the amounts forfeited/retained by the assessee on account of cancellations shall have to be reduced from the sale price and only on the balance sale consideration/income, the assessee is entitled for deduction u/s.80IB

View Source

← Previous Next →

Deduction u/s. 80IB on the cancellation charges - when the ...

April 30, 2020

Case Laws Income Tax AT

You may also like:

Deduction u/s 80IB - whether freight charges recovered from the customers are eligible for deduction under section 80IB ? - since the department has allowed the claim of...

Deduction under section 80IB - Nature of processing charges received by assessee - Assessee is engaged in the business of manufacturing of agro chemical products and...

Assessee has withdrawn its claim of deduction under Section 80IB, which was accompanied by revised return – assessee again claimed deduction - deduction allowed - AT

Deduction us.37(1) on account of “Escrow Disbursement Provision” ('EDP’) - Prior period expenditure - To put it simply, the AO will bifurcate total Escrow Disbursement...

Deduction u/s 80IB - amount declared during the course of survey as additional income - assessee is not entitled to the deduction under section 80IB of the Act on the...

Deduction u/s 80IB by excluding job work from the turnover - The assessee has satisfied all the conditions for claiming deduction u/s 80IB and proportionate disallowance...

Deduction u/s. 80IB(10) - non filling of return on time - the ITAT held that the return filed beyond the due date cannot claim deduction under section 80IB(10) as per...

Deduction u/s 80IB(11A) - interest subsidy - if bank has charged 12% and it got subsidy of 5%, then it had charged the rate of 7% on the profit & loss account, then it...

Claim of demurrage charges - As the assessee has taken a business decision the demurrage charges and cancellation charges are allowable as business expenditure - AT

Deduction u/s 80IB(10) – assessee is eligible for deduction u/s 80IB(10) of the Act even in relation to impugned additional income offered in a statement deposed u/s...

TDS u/s 194C or 194I - short deduction of TDS - CAM charges Maintenance Charges along with Rent - the CAM charges paid by the assessee did not form part of the actual...

Deduction u/s 80IB - there is substantial force in the claim of the assessee that deduction u/s 80IB has to be allowed on the amount of profits and gains derived by him...

Deduction u/s.80IC in respect to third party manufacturing done by the assessee - assessee is engaged in the manufacturing and selling of the products on its own account...

TDS u/s 195 - payment to abroad (USA / UK) of communication charges, commission charges, legal and professional charges, marketing & selling charges and business...

Computation of Capital Gain - provision for site development expenses against sale of plots and the disallowance being premium on re-purchase - Once the plots are sold...

Quick Updates: