Flats to be constructed by vendee on behalf of co–owners does not constitute non–monetary consideration

Brief about the case In the case of Asstt. Commissioner of Income Tax Vs Late Gopal V. Gorwani, the following issues were taken up by the ITAT Mumbai. ISSUE 1: Whether Flats to be constructed by the vendee on behalf of the co–owners is the non–monetary consideration received by them on account of sale of the property? On the basis of a survey conducted in the business premises of Gorwani Builders, a partnership firm where the assessee was a partner, assessment of the assessee for the impugned assessment year was re–opened under section 147. During the re–assessment proceedings, the Ass...