Case Law Details
Shri Shanmuga Sundaram Govindaraj Vs ACIT (ITAT Chennai)
Facts-
The assessee is engaged in the business of construction of residential and commercial buildings i.e., real estate business. The assessment was completed u/s.143(3) after verifying the details called for.
The PCIT by assuming jurisdiction u/s.263 of the Income Tax Act revised the assessment order by directing the AO to add back a sum of Rs.25 lakhs being the difference in the purchase price of the property as per the consideration recorded in the sale deed and value fixed as per guideline of sub-registrar of the registration department to be added as per the provisions of section 56(2)(viib)(ii) of the Act. Being aggrieved, assessee preferred appeal before Tribunal.
Conclusion-
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