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2013 (2) TMI 550 - HC - Income TaxReceipt of money in addition of the registered value for sale of land - held that:- in respect of 39.19 acres of land, the transaction is complete and the assessees have received full consideration from Sri N.K. Mohta, as per the MOU. For the remaining extent of land, N.K. Mohta has filed a suit and contended that he has paid some amount in respect of the remaining extent of land. The transaction is not yet completed. Hence, we hold that the transaction in respect of 39.19 acres is completed and each of the assessees have got the income of Rs. 25,07,508/- in the said transaction. Hence, the said amount has to be treated as income from the real estate and liable to be brought under tax. - Decided in favor of revenue. Receipt of extra unaccounted money - held that:- No document has been produced to show that has paid Rs. 90,00,000/- to the assessees in respect of remaining extent of land. The stray and inconsistent statement made by N.K. Mohta cannot be accepted. In the absence of any document, the statement of N.K. Mohta that he has paid a sum of Rs. 90,00,000/- to the assessees in cash cannot be accepted. Accordingly, we hold the second substantial question of law in favour of the assessees.
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