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INCOME TAX APPELLATE TRIBUNAL (INDORE BENCH)
SHRI VIJAY PAL RAO, JM, SHRI B.M. BIYANI, AM
NAKODA REALITIES INDORE – Appellant
Versus
ASSTT.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1 INDORE INDORE – Respondent
| Table of Content |
|---|
| 1. assessment of appeals related to business income and canceled bookings. (Para 1 , 2) |
| 2. nature of transactions affecting classification under tax provisions. (Para 3 , 4) |
| 3. court's justification for appeal outcome. (Para 5) |
ORDER
Per Vijay Pal Rao, JM :
These three appeals by assessee are directed against the composite order of the Commissioner of Income Tax (Appeal)-3, Bhopal dated 25.10.2023 for A.Y.2020-21, 2017-18 & 2016-17 respectively. The assessee has raised common ground in these three appeals. The grounds raised for A.Y.2020-21 are reproduced as under:
“1) That the Ld. Commissioner of Income tax (A) erred in law in holding that a sum of Rs.35.00 lacs remained unexplained which was received in cash against booking of premises converted into temporary loan on cancellation of booking. He erred in not appreciating the fact that receipt of advance against booking of office/show-room premises is normal business activity and in case such booking is cancelled due to various reasons, it requires to be refunded to the prospective buyer. The appellant requested to convert the same into temporary loan and offered such receipt under the head "Business income". The fact t
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