Tax Implications Triggered only upon Actual Sale or Transfer of Asset, no Additions shall be made based on Anticipated Future Benefits: ITAT [Read Order]
Tax implications arise only when the asset is actually sold or transferred, no additions can be made based solely on accounting entries anticipating future benefits
In a recent Judgement, the Raipur bench of the Income Tax Appellate Tribunal ( ITAT) ruled that tax implications arise only when the asset is actually sold or transferred, no additions can be made based solely on accounting entries anticipating future benefits.The respondent/ assessee, Inder Jaggi, an individual, filed their Return of Income (ROI) for…
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