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ITAT accepting reduction of amount via rectification deed without questioning factum of refund needs fresh consideration
Case Law Details
- Case Name
- CIT Vs Glowshine Builders & Developers Pvt. Ltd. (Supreme Court of India)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- Supreme Court of India
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CIT Vs Glowshine Builders & Developers Pvt. Ltd. (Supreme Court of India)
Supreme Court held that ITAT accepted the rectification deed reducing the amount from Rs. 15,94,06,500/ to Rs. 5,24,27,354/ without questioning the factum of refund of differential amount. Accordingly, matter remanded back for fresh consideration.
Facts- The assessee entered into an agreement dated 06.05.2008 with one M/s Kirit City Homes Pvt. Ltd. The development rights in a property at Vasai were sold for a total consideration of Rs. 15,94,06,500/.
During assessment, it was noticed by the AO that the afores...
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