{"id":37967,"date":"2023-11-21T14:40:16","date_gmt":"2023-11-21T09:10:16","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=37967"},"modified":"2023-11-28T05:56:47","modified_gmt":"2023-11-28T00:26:47","slug":"addition-on-account-of-one-time-deposit-for-maintenance","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/addition-on-account-of-one-time-deposit-for-maintenance\/","title":{"rendered":"Addition on account of one time deposit for maintenance"},"content":{"rendered":"<p>Assessee is promoter and Developers. During the course of its business accepted the one time maintenance from the\u00a0 unit purchaser and disclosed as deposit liability in the audited financial statement. on the completion of project the amount is handed\u00a0 over to society or apartment .This policy and method has been followed by the assessee since last 10 years and also accepted in the assessment U\/SEc. 143(3) of the Act.\u00a0 Under the Service Tax Act as well as under GST Act this amount is accepted as deposit and no tax has been levied. Assessee submitted that it is not business receipts and assessee is just a custodian . Assessee also submitted that if One central Act like Service TAx and\u00a0 GST\u00a0 has accepted as it as deposit there is no reason for the AO to treat it as business receipts and\u00a0 therefore no addition be made, however the AO has not appreciated the submission and made the addition . Is the Action of the AO is justified and whether the contention of assesee is legally correct? pl guide<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[159,1088,1087],"class_list":["post-37967","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-assessment","qa_tag-maintenance","qa_tag-one-time-deposit"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/37967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=37967"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=37967"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=37967"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=37967"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=37967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}