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2017 (5) TMI 1599 - HC - Income TaxRejecting the books of accounts of the assessee u/s 145(3) - Held that:- Question governed by the decision taken in CIT Central Jaipur vs. M/s Unique Builders and Developers Jaipur (2017 (5) TMI 1505 - RAJASTHAN HIGH COURT) as held merely because of non maintenance of a detailed qualitative and quantitative register alone, the same could not be a valid reason to reach a finding that books of account do not present true and complete picture of accounts and financial transactions. The finding by the assessing authority being perverse is, therefore, set aside. - decided in favour of assessee Capital gain - assessee transferred all its rights, control and interest in the first parcel of land (measuring 114.985 acres) in the garb of Security deposit through Development Assessment - Held that:- We are in complete agreement that under the Development Agreement rights will not be transferred and on specific question which has been put to counsel for the department that the transfer will not be made to signatory and owner of the developer, the view taken by the Tribunal is correct. The issue is also required to be answered in favour of the assessee against the department.
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