Tuesday, February 4, 2020

No disallowance u/s 40A(2)(b) if associate concern made substantial contribution towards completion of projects

INCOME TAX : Where assessee engaged in business of real estate development paid certain amount to associated concern for providing and securing of fund requirements, bank guarantee and technical expertise in successful completion of project, since it was accepted even by revenue authorities that said associated concern made substantial contribution towards completion of project by providing financing and technical expertise, providing brand name and other technical assistance for completion of p

from www.taxmann.com Latest Case Laws https://ift.tt/3bbrFbd

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...