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The ITAT, an Appellate Tribunal, addressed two key issues. Firstly, regarding the difference in sale consideration and stamp duty for 3 flats sold by the assessee, it was held that the addition made was not sustainable as the statute allows a leverage of 10%, while the difference in property value was only 2.5%. Therefore, the addition was deleted. Secondly, concerning the inclusion of the entire sale value of two flats in the next financial year, it was emphasized that tax neutrality is crucial to avoid double taxation and ensure fair taxation. As the income was already included in the next year's accounts, the addition during the current year was deemed neutral. Following the principle of neutrality, the AO was directed to delete the alleged addition, as applying the analogy established in a Supreme Court case, no double addition should be made. The appeal of the assessee was allowed.
The ITAT, an Appellate Tribunal, addressed two key issues. Firstly, regarding the difference in sale consideration and stamp duty for 3 flats sold by the assessee, it was held that the addition made was not sustainable as the statute allows a leverage of 10%, while the difference in property value was only 2.5%. Therefore, the addition was deleted. Secondly, concerning the inclusion of the entire sale value of two flats in the next financial year, it was emphasized that tax neutrality is crucial to avoid double taxation and ensure fair taxation. As the income was already included in the next year's accounts, the addition during the current year was deemed neutral. Following the principle of neutrality, the AO was directed to delete the alleged addition, as applying the analogy established in a Supreme Court case, no double addition should be made. The appeal of the assessee was allowed.
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