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2016 (12) TMI 1696 - AT - Income TaxAddition for suppression of sale - Held that:- It is apparent that there was a valid reason for the assessee to reduce the sale price of the flats to related parties because the assessee had received advance of ₹ 1.06 crores for executing its project from its related parties. Moreover, though the transactions are between the companies, all the shareholders in those companies are members of the same family and effectively they have retained two flats from the project. Moreover, the reason for reduction of sale consideration is also genuine because if the assessee had not received such advance from the buyer it would not have been possible to execute the project. Commissioner of Income Tax (Appeals) has rightly decided the issue in favour of the assessee.
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