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Once source of expenditure is proved addition u/s 69C is unsustainable in law
Case Law Details
- Case Name
- Sahara City Homes Vs ITO (ITAT Lucknow)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Lucknow
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Sahara City Homes Vs ITO (ITAT Lucknow)
Facts- The assessee is engaged in the business of construction and development of the township, real estate. M/s. Sahara Prime City Limited, who was one of the partners, contributed WIP to the assessee. Assessee also acquired WIP from Sahara India Commercial Corporation Ltd. (SICCL) vide MOU dated 30.03.2011.
The AO made an addition u/s 69C of the Act in A.Y. 2012-13 which comprised of the WIP acquired in the last year and addition made during the year on the ground that valuation report of WIP has not been obtained. The AO also made add...
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