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2012 (2) TMI 515 - HC - Income TaxAddition in respect of the sale of flats to outsiders in the free sale component - unlawful consideration - Held that:- Fifteen tenants were duly certified by a statutory board which had control over the process of redevelopment. Each of the tenants had registered agreements. Here again there was no direct evidence available of the receipt of any unlawful consideration. While the Court must take cognisance of the fact that direct evidence may not necessarily be forthcoming in such cases, it is equally necessary that the order of the Assessing Officer should be founded on some material and cannot be based purely on conjectures or surmises. As regards the statement of the Accountant, the Tribunal has taken a possible view by holding that the statement pertained to the free sale component in respect of which no addition has been made on flats sold to outsiders. As noted by the Tribunal, no addition has been made in respect of the sale of flats to outsiders in the free sale component. Hence, no substantial question of law would arise. The Appeal is accordingly dismissed.
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