Confirming Party Cannot Be Taxed on Entire Sale Consideration-ITAT Deletes ₹3.27 Crore Addition

Mahadevbhai K. Bharwad Vs ITO (ITAT Ahmedabad) Confirming Party Cannot Be Taxed on Entire Sale Consideration-ITAT Deletes ₹3.27 Crore Addition The Ahmedabad ITAT deleted an addition of ₹3.27 crore made on account of an immovable property transaction, holding that the assessee could not be taxed on the entire sale consideration merely because the transaction appeared in the Department’s information system. The Tribunal found that the assessee was only a confirming party to the registered sale deed and not the owner or co-owner of the property. The Assessing Officer had reopened the assess...