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2016 (2) TMI 835 - HC - Income TaxUndisclosed receipt on sale of flats/space - Sale of flats of VT [Vatika Triangle] - additions made on account of sale of space - application of standard rate - documents found during the search and seizure action relied upon for addition - Held that:- In the present case, there was no material on the basis of which the AO could have applied a standard rate of ₹ 4,800 per sq ft for all the floors of VT [Vatika Triangle]. It was also not open to the AO to draw an inference on the basis of the projection in the document, particularly when the Assessee offered a plausible explanation for the document. The burden shifted to the Revenue to show, on the basis of some reliable and tangible material, how the rate at which the flats on the second and third floors of VT was higher than that indicated in the sales register or the sale deeds themselves. In the circumstances, the Court is of the view that the ITAT was justified in coming to the conclusion that the addition made by the CIT (A) was not sustainable in law. - Decided in favour of assessee
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