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Survey-Based Additions Partly Deleted – Estimated Profit Unsustainable Interest on Land Allowed as Business Cost
Case Law Details
- Case Name
- Welkin Developers Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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Welkin Developers Vs ACIT (ITAT Mumbai)
Survey-Based Additions Partly Deleted – Estimated Profit Unsustainable Interest on Land Allowed as Business Cost
in this case, AO made multiple additions purely based on survey proceedings – alleging under-reported profit of ₹41.14L, presumed sale of parking spaces ₹20L & disallowance of interest ₹79.42L. CIT(A) mechanically confirmed all additions.
ITAT gave a well-reasoned relief:
Estimated profit ₹41.14L – deleted outright: AO neither rejected books nor brought any cogent material. Addition was solely based on survey statement &...
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