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2023 (11) TMI 1064 - AT - Income TaxAccrual of income - income from sale of land - Deemed profit on transfer of WIP (i.e. land measuring 47.01 bigha) - assessee company is the only registered owner of the land which has been sold during the year and as per the statutory provisions of law, it is only the assessee company which is liable to show the said transaction in its books of accounts and compute the tax liability accordingly. Merely by entering into the private arrangement by virtue of agreement, substantive provisions of law cannot be forfeited - HELD THAT:- As decided in assessee own case [2021 (12) TMI 926 - ITAT DELHI] appellant has reiterated that it has not sold any part of the land admeasuring 47.01 bighas which continued to be shown as WIP in the books of the appellant till the AY 2012-13. AO has evidently failed to bring on record any evidence in support of his contention that the appellant had actually sold land of 3600 sq. yards and received the consideration - Further, the AO has again made addition in the Assessment Year 2013-14 as mentioned above by considering the said land of 47.01 bighas as the stock held by the appellant. On the other hand, M/s Parsvnath Developers Ltd. has [confirmed that these sales are reflected in its books of account. In view of all the above facts, I find no material basis for the estimated addition made by the AO. Decided against revenue.
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