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Delhi ITAT Holds Sec.50C Inapplicable to Buyer; Repayment of Loans Quells Sec.68 Doubts—Additions Deleted
Case Law Details
- Case Name
- Delight Propcon Private Limited Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Delhi
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Delight Propcon Private Limited Vs ACIT (ITAT Delhi)
Delhi ITAT Holds Sec.50C Inapplicable to Buyer; Repayment of Loans Quells Sec.68 Doubts—Additions Deleted
Assessee, a real-estate company, filed return declaring Rs.76,562/-. The case was reopened u/s 147 on the premise that the transaction value of properties purchased was lower than circle rate. AO treated the difference as taxable u/s 50C & further made additions of Rs.30.50 crore u/s 68 towards loans & Rs.12.70 crore u/s 69 towards unexplained investment. CIT(A) upheld the additions.
Before Tribunal, Assessee contended that Sec...
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