https://www.taxtmi.com/caselaws?id=247272 The Tribunal's decision to apply a specific rate for unaccounted receipts from the sale of Transferable Development Rights (TDR) was upheld by the High Court. The Court agreed with the Tribunal's rationale to apply a lower rate for a specific portion of the TDR sales based on evidence found during the search. Additionally, the Court supported the Tribunal's deletion of additions made by the Assessing Officer for lack of corroborative evidence. The Court also found that the irrevocable Power of Attorney could not be relied upon to establish tax liability for transactions predating its execution, ultimately ruling in favor of the assessee and dismissing the appeals. en-us Wed, 09 Apr 2014 00:00:00 +0530 Wed, 07 May 2014 09:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247272 The Tribunal's decision to apply a specific rate for unaccounted receipts from the sale of Transferable Development Rights (TDR) was upheld by the High Court. The Court agreed with the Tribunal's rationale to apply a lower rate for a specific portion of the TDR sales based on evidence found during the search. Additionally, the Court supported the Tribunal's deletion of additions made by the Assessing Officer for lack of corroborative evidence. The Court also found that the irrevocable Power of Attorney could not be relied upon to establish tax liability for transactions predating its execution, ultimately ruling in favor of the assessee and dismissing the appeals. Case-Laws Income Tax Wed, 09 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247272