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Case Law Details

Case Name : Principal CIT Vs Mr. Fardeen Khan (Bombay High Court)
Related Assessment Year :
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Principal CIT Vs Mr. Fardeen Khan (Bombay High Court)

FACTS –

Assessee entered into Development agreement with M/s. Godrej on 20.04.2007. As per development agreement, amount of INR 13.75 Crore was paid as deposit to the assessee. INR 55 Crore was notional cost of the land and on sale of constructed property, 30% of its sale proceeds were to be received by the assessee.

During the assessment proceedings, AO called upon assessee to explain why the transaction of d

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