Case Law Details
Pr. CIT Vs Green Associates (Gujarat High Court)
The sole surviving question relates to the assessee’s disclosure of unaccounted receipts during the survey operation. The Assessing Officer taxed such receipts with the aid of Section 68 of the Act. Before the higher authorities, assessee argued that this also been the assessee’s income from development of housing project, the same should have been allowed as a deduction under Section 80IB [10] of the Act. The CIT [A] and the Tribunal accepted such proposition, upon which the Revenue has filed this Appeal.
There is nothing on the record to suggest that the assessee had other businesses or that the undisclosed receipts were assessee’s profit out of any other activity other than development of housing project, The Tribunal came to the specific conclusion that the unrecorded consideration was also part of the assessee’s sale transaction of completed residential units and was therefore eligible under Section 80IB [10] of the Act. We do not find any error in such view.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal, Ahmedabad [“Tribunal” for short] dated 14th March 2018. The following questions are presented for our consideration:-
Please become a Premium member. If you are already a Premium member, login here to access the full content.
