ITAT accepting reduction of amount via rectification deed without questioning factum of refund needs fresh consideration

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 Va

Please become a Premium member. If you are already a Premium member, login here to access the full content.