Estimated income from sale of plots- In this case, except ...

Case Laws Income Tax

June 9, 2022

Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of income by extrapolation of rate on the basis of agreement to sale for one plot to remaining plots sold during the block period. In our considered view, the estimation made by the AO towards undisclosed income of under reporting of sales Revenue from sale of plots, is purely a guess work, which is based on the suspicion and surmises, but not based on any material evidences. - AT

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Estimated income from sale of plots- In this case, except ...

Case Laws Income Tax

June 9, 2022

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