Addition u/s 45 unsustainable as commercial expediency not contravened

ITO Vs Brizeal Realtors and Developers LLP (ITAT Mumbai) ITAT Mumbai held that addition u/s 45 under the head “Capital Gains” for violation of conditions u/s. 47(xiiib) of the Act on conversion of a private limited company into the assessee LLP unsustainable as commercial expediency not contravened by AO. Facts-The assessee is a Limited Liablity Partnership [in short, “LLP”] engaged in construction activities. The case was selected for scrutiny and statutory notices under the Income Tax Act, 1961 were issued and complied. In the assessment completed, AO made an addition of Rs. 48,35,00...