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Case Law Details

Case Name : M/s Shah Realtors Vs. ACIT (ITAT Mumbai)
Related Assessment Year : 2012-13
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M/s Shah Realtors Vs. ACIT (ITAT Mumbai) It is settled law that the onus to claim that apparent is not real is on one who so claims. In our view, when the Assessing Officer requires the assessee to show-cause as to why there is difference between two purchasers and that the assessee offered explanation, no addition can be made simply discarding his explanation. There must be something concrete evidence to show that the version given by assessee is not correct. It is settled law that no addition can be made on hypothetical basis or presuming a higher sale price by simply rejecting the contentio...
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