Case Law Details
Case Name : Delight Propcon Private Limited Vs ACIT (ITAT Delhi)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Delhi
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Delight Propcon Private Limited Vs ACIT (ITAT Delhi)
Delhi ITAT Holds Sec.50C Inapplicable to Buyer; Repayment of Loans Quells Sec.68 Doubts—Additions Deleted
Assessee, a real-estate company, filed return declaring Rs.76,562/-. The case was reopened u/s 147 on the premise that the transaction value of properties purchased was lower than circle rate. AO treated the difference as taxable u/s 50C & further made additions of Rs.30.50 crore u/s 68 towards loans & Rs.12.70 crore u/s 69 towards unexplained investm Please become a Premium member. If you are already a Premium member, login here to access the full content.
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