Presumptive Share Transfer Addition Unsustainable: ITAT Ahmedabad

DCIT Vs Navratna Organisers And Developers Pvt. Ltd. (ITAT Ahmedabad) ITAT Ahmedabad held that addition of short term capital gain on account of transfer of shares on presumption basis without bringing on record evidencing actual receipt of consideration cannot be sustained. Accordingly, addition deleted. Facts- Assessee engaged in the business of development of various projects from which it earned development fees. AO has not accepted the method of assessee and held that the income was not recognised on percentage completion method. The AO considered the assessee as owner of the project and ...