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ITAT remanded the case back to the Assessing Officer (AO) to establish critical factual elements regarding a property transaction involving ten flats. The tribunal directed the AO to comprehensively investigate and document: (1) sale consideration in profit and loss account, (2) cost of flats sold, (3) net profit declaration during survey, (4) liquidation status of the purchasing entity, and (5) possession status of the flats. The grounds raised by the assessee were allowed for statistical purposes, with the primary objective of determining whether the transaction constitutes a benefit under Section 28(iv) of the Income Tax Act. The case requires further detailed examination to conclusively determine the tax treatment of the transaction.
ITAT remanded the case back to the Assessing Officer (AO) to establish critical factual elements regarding a property transaction involving ten flats. The tribunal directed the AO to comprehensively investigate and document: (1) sale consideration in profit and loss account, (2) cost of flats sold, (3) net profit declaration during survey, (4) liquidation status of the purchasing entity, and (5) possession status of the flats. The grounds raised by the assessee were allowed for statistical purposes, with the primary objective of determining whether the transaction constitutes a benefit under Section 28(iv) of the Income Tax Act. The case requires further detailed examination to conclusively determine the tax treatment of the transaction.
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