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2022 (3) TMI 251 - ITAT MUMBAISuppressed receipts of alleged ‘on-money‘ based on comparison of rate of sale price per square feet of two different shops sold at two different times - HELD THAT:- There is a time gap of almost 9 months in the sale of both the shops. Naturally, most probably, shop sold in the month of March, 2013 have the higher price compared to shop sold earlier and it depends mostly on the position of the shop in the structure of market. AO has neither enquired from the buyers of the shops nor enquired from the stamp value authorities that whether the transactions made by the assessee are at market rate or not. Further, during the year the assessee has shown sales of approximately ₹ 4,21,00,000/- and has earned profit of ₹ 52 crores, the Assessing Officer could not find any defect in the books of account or any other evidence about ‘on-money’ earned on sale of units . Therefore, the addition made by the learned Authorised Representative was without any basis. Merely because of the reason of difference in the sale price of two different properties on two different times having differing locational advantages, in absence of any incriminating evidence cannot be compared and then result into the hands of the assessee as addition on account of ‘on-money’. - Decided in favour of assessee.
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