Addition alleging rate difference of property sold without corroborative evidence unsustainable

DCIT Vs E.T. Infra Developers Pvt. (ITAT Delhi) ITAT Delhi held that addition alleging different rates quoted/ booked for the same area and same property unsustainable as buyers to whom the space have been sold have admitted to have purchased at the price shown and no other cogent or corroborative evidence brought on record. Facts- The assessee is in the business of Real Estate and was developing World Trade Tower (WTT) in Noida, U.P. In A.Y. 2011-12, based on certain website launched by one of the property brokers wherein the said broker had shown the launched price at Rs.9,500/- per sq foot ...