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Entire Land Deal Receipts Cannot Be Taxed as Income: ITAT Restricts Addition to Estimated Profit Element
Case Law Details
- Case Name
- Munir Usmanbhai Ghanchi Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Ahmedabad
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Munir Usmanbhai Ghanchi Vs ITO (ITAT Ahmedabad)
Entire Land Deal Receipts Cannot Be Taxed as Income: ITAT Restricts Addition to Estimated Profit Element
The Ahmedabad ITAT granted major relief to an assessee engaged in purchase and sale of land plots by holding that entire business receipts, advances and property transaction amounts cannot automatically be treated as unexplained cash credits under Section 68. The Tribunal observed that only the profit element embedded in disputed receipts could be brought to tax.
The reassessment was reopened based on RMS information relating ...
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