https://www.taxtmi.com/caselaws?id=236265 The appeal was partly allowed, with the Tribunal ruling in favor of the appellant on key issues. The addition made by the CIT(A) based on the difference between actual sale price and fair market value was reversed as sections 50C and 56(2)(vii)(b)(ii) were deemed inapplicable. The Tribunal emphasized the Revenue's burden to prove understatement, leading to the deletion of the entire addition. Regarding the lower valuation of closing stock, the Tribunal held that the obligated built-up area should not be considered as stock, remanding the matter for recalculation. en-us Fri, 16 Aug 2013 00:00:00 +0530 Tue, 06 Feb 2018 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236265 The appeal was partly allowed, with the Tribunal ruling in favor of the appellant on key issues. The addition made by the CIT(A) based on the difference between actual sale price and fair market value was reversed as sections 50C and 56(2)(vii)(b)(ii) were deemed inapplicable. The Tribunal emphasized the Revenue's burden to prove understatement, leading to the deletion of the entire addition. Regarding the lower valuation of closing stock, the Tribunal held that the obligated built-up area should not be considered as stock, remanding the matter for recalculation. Case-Laws Income Tax Fri, 16 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236265