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Income Tax - Highlights / Catch Notes

Home Highlights June 2021 Year 2021 This

Addition of sales of flats - suppression of sale price of the ...

Income Tax

June 21, 2021

Addition of sales of flats - suppression of sale price of the flats in order to evade the tax - The maxim Falsus in uno and falsus in omnibus has an obligation in India and it has not received any acceptance or approval by the higher courts. It is therefore clear that the action of the AO in calculating the so-called understatement of the cost of the flats for all the 3 years and making addition is accordingly cannot be justified. - AT

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