Parliament by introducing clause (ii) in sub-section
(2) of Section 11AA . Timeshares, it was contended, did not fulfil the
requirements contained in Section 11AA
Reliance Communication Ltd. ( Formerly ... vs Department Of Income Tax on 28 June, 2013
IN THE
issue to the Purchaser(s) a Holiday Certificate
specifying the details of Timeshare ownership and such Certificate shall be
conclusive evidence of legal right
that the petitioner no.1 is a company
engaged in operating holiday timesharing. Its members utilize various
properties on a certain predeposit, without paying ... room rent.
There are also paid customers other than timesharing members, who pay
room charges/occupancy charges. On such charges, luxury tax is
already paid
assessee is engaged in the business of selling
holiday points based timeshares.
ii) In terms of the method of accounting followed by
assessee it recognizes
give you a gift provided
you pay the money and take a timeshare
membership", this seems to be conditions. Quid pro
quo is evidence
5067 (Rupees
Five Thousand Six
Hundred and Seven
only for Timeshare/units/postal receipts. The previous
amounts intimated and not
paid toward
