Case Law Details
Renu Hingorani vs. ACIT (ITAT Mumbai) – The AO had not questioned the actual consideration received by the assessee but the addition was made purely on the basis of the deeming provisions of s. 50C. The AO had not doubted the agreement or given any finding that the actual sale consideration was more than the sale consideration stated in the sale agreement. The fact that the assessee agreed to the addition is not conclusive proof that the sale consideration as per agreement was incorrect and wrong. Accordingly, there was no concealment of income or furnishing inaccurate particulars of income.
Renu Hingorani Vs. ACIT (ITAT Mumbai)
ITA No. 2210/Mum/2010, (Assessment Years: 2006- 07)
O R D E R
PER VIJAY PAL RAO,JM
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