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Vat- karnataka

(Querist) 23 January 2014 This query is : Resolved 
sir, one of my friend, who is builder owner of commercial complex, was inspected by intelligence authorit. He has collected booking advance from prospective buyers. Now my friend say certain booking are cancelled , what are consequences of tax for the cancelled booking and the amount cancelled amount will be repaid over the period of time considering them as unsecured loans. kindly suggest correct method to be followed both for taxation and accounting and also kindly suggest case laws, if any - kindy reply urgently.
ajay sethi (Expert) 23 January 2014
your friend is a builder . he can afford legal fees .
Rajendra K Goyal (Expert) 23 January 2014
Consult local tax consultant.
V R SHROFF (Expert) 23 January 2014
let your fd builder pay for local advocate &pay legal fees .
R K JAIN (Expert) 23 January 2014
There is no liability of tax on cancelled booking.


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