ITAT accepting reduction of amount via rectification deed without questioning factum of refund needs fresh consideration

CIT Vs Glowshine Builders &  Developers Pvt. Ltd. (Supreme Court of India) Supreme Court held that ITAT accepted the rectification deed reducing the amount from Rs. 15,94,06,500/­ to Rs. 5,24,27,354/­ without questioning the factum of refund of differential amount. Accordingly, matter remanded back for fresh consideration. Facts- The assessee entered into an agreement dated 06.05.2008 with one M/s Kirit City Homes Pvt. Ltd. The development rights in a property at Vasai were sold for a total consideration of Rs. 15,94,06,500/­. During assessment, it was noticed by the AO that the afores...