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2017 (6) TMI 1283 - ITAT MUMBAIAddition of suppressed sale consideration - 4 flats sold by the assessee at a lower rate than the other flats in the same building - assessee failed to justify before the AO as to why the aforesaid flats were sold at a lower price - HELD THAT:- CIT(A) observed that sales price declined by the assessee was not below price declared by the State Government of Maharashtra or below the market price. AO has simply applied deferential in the rates of booking of flat No.701 and other flats for arriving at the actual booking rate for all the flats other than falt No.701. Decision of the Tribunal in case of Diamond Investment and Properties [2010 (7) TMI 1037 - ITAT MUMBAI] relied on by the AO was on different facts in so far as in the case of Diamond Investment Flats were sold by the assessee to the related parties, however, in the case of above all the flats were sold by the assessee to the parties not related to the assessee. After giving detailed justification, the CIT(A) has applied the proposition laid down in case of Neelkamal Realtors & Erectors India (P) Ltd [2013 (8) TMI 557 - ITAT MUMBAI]. The facts of the case were very much similar to the assessee's case. The issues before the Tribunal in the above case was whether since assessee tendered explanation in support of charging lower price in respect of some of the flats sold by it, which AO failed to controvert, addition is sustainable. ITAT held that addition in entirety is liable to be deleted - No reason to interfere in the order of CIT(A) for deleting the addition made on account of estimated sales price by disregarding the actual sale price shown by the assessee. - Decided against revenue
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