2019 (10) TMI 232 - SCH - Income Tax

Reopening u/s 147 - Notice u/s 148 - assessee is a builder - Applicability of Section 50C on sale of Stock in trade - statement in survey partner never admitted that the flats were sold at a price higher than what was reflected in the document OR did not admit to any cash payment not recorded in the documents - attempt on the part of the Assessing Officer to make the addition with the aid of the statement of the partner of the assessee and reference to the correct stamp valuation, is simply invalid - HELD THAT - SLP dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition after condoning the delay. The citation for the judgment is 2019 (10) TMI 232 - SC Order. The judges were Hon'ble Mr. Justice Rohinton Fali Nariman and Hon'ble Mr. Justice V. Ramasubramanian. The legal representatives included Mr. Mahabir Singh, Ms. Purnima Bhat Kak, Mr. N.K. Karhail, Mr. Arjun Garg, Mr. Amit Verma, and Mrs. Anil Katiyar.