Section 69B of the Act does not permit an inference to be drawn ...

Section 69B Bars Inferences on Overpayment in Property Deals, Upholds Taxation Only on Real Income Per Article 265.

September 19, 2019

Case Laws Income Tax HC

Section 69B of the Act does not permit an inference to be drawn from the circumstances surrounding the transaction that the purchaser of the property must have paid more than what was actually recorded in his books of account for the simple reason that such an inference could be very subjective and could involve the dangerous consequence of a notional or fictional income being brought to the tax contrary to the strict provisions of Article 265 of the Constitution of India which must be “taxes on income other than agricultural income”. - HC

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Section 69B of the Act does not permit an inference to be drawn ...

Section 69B Bars Inferences on Overpayment in Property Deals, Upholds Taxation Only on Real Income Per Article 265.

September 19, 2019

Case Laws Income Tax HC

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