HC upheld addition for security deposit used as a devise to postpone tax liability

CIT Vs. M/s. Ansal Properties And Industries (Delhi High Court) Post search investigation and during the course of proceedings, the statements of directors of VIPL was recorded – in the course of survey proceedings under Section 133A. In the course of statement, it was categorically admitted that sale consideration paid to the assessee was Rs.42 crores. It was further stated that the assessee had no stake in the property as all its rights were acquired, in the sale transaction by the VIPL through the agreement of 01.04.1995. VIPL asserted that it became the owner of the property and ther...