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2018 (4) TMI 1636 - HC - Income TaxOn-money received on sale of flats in the schemes known as Ratnakar 3 and Ratnakar 4 situated in Satellite area of city of Ahmedabad - addition based on loose papers - Held that:- If we Eliminate documents from consideration, what Revenue would have are the admissions made by the representative of M/s. Sambhav Infrastructure Pvt. Ltd of having received on-money in sale of flats and the comparison by the Revenue authorities of the given rates for the constructed properties in the same area. Firstly neither the AO nor the CIT (A) had compared the rates of M/s. Sambhav Infrastructure Pvt. Ltd or any other constructed properties which was sold during the same time in the same area. Even after making the additions in case of M/s. Sambhav Infrastructure Pvt. Ltd with the aid of the confessional statements made by the representative, neither the AO nor the CIT (Appeals) co-related the sale with that of the assessee by establishing that the sales were during the same period in relation to the properties which offered similar advantages. In fact, their contention was that this demonstrated a uniform trend or a pattern in the industry of cash transactions. The reference to the material collected from the website was also bereft of comparability in terms of area, location and period. All in all, the entire issue was factual in nature. The Tribunal having considered the relevant facts, no question of law arises.
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