Case Law Details
Case Name : The Pr. Commissioner of Income Tax- 2, Vs M/s Quark Media House India Pvt. Ltd. (Punjab & Haryana High Court)
Related Assessment Year :
Courts :
All High Courts Punjab and Haryana HC
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The presumption against the value being understated (not undervalued) is greater where parties are connected or related. However, if the AO does not allege that the assessee received more consideration than is stated in the sale deed, he cannot made an addition to the stated consideration.
Full Text of the ITAT Order is as follows:-
This is an appeal against the order of the Income Tax Appellate Tribunal dismissing the appeal against the order of the Commissioner of Income Tax (Appeals) allowing the assessee’s appea
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