Whether deduction towards housing loan interest is available on accrual basis or deduction is available only if it is paid ?
Key changes proposed in the Income Tax Act – 1961 by recent Union Budget – 2019 [Finance (No. 2) Bill, 2019]
Deferred consideration dependent on a contingency does not accrue unless the contingency has occurred and is not liable to capital gains tax in year of transfer
The assessee is not eligible to capital gains without the accrual of the consideration to the assessee (Development Agreement)
In tax jurisprudence “intention” would be irrelevant. If therefore any action is done with contrary intention but comes within the mischief of a taxing statute, it would still apply.
Payment made on October 3, 2017 shall be deemed to be paid by due date for 3rd instalment under IDS: CBDT
Delhi HC held in favour of Assessee . Revision petition under Sec. 264 is maintainable against sec. 143(1) intimation