https://www.taxtmi.com/caselaws?id=333907 The Tribunal upheld the CIT(A)'s decisions in the case, dismissing the Revenue's appeal. The addition made under Section 68 of the Income Tax Act was deleted as the assessee was found to be a confirming party in a property sale transaction, not the seller. Additionally, the deletion of the addition under Section 36(1)(iii) was upheld, as the property was treated as stock-in-trade with the intention of venturing into real estate business. The Tribunal emphasized the importance of respecting the assessee's business decisions and verifying transaction details properly. en-us Fri, 21 Oct 2016 00:00:00 +0530 Thu, 27 Oct 2016 10:03:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333907 The Tribunal upheld the CIT(A)'s decisions in the case, dismissing the Revenue's appeal. The addition made under Section 68 of the Income Tax Act was deleted as the assessee was found to be a confirming party in a property sale transaction, not the seller. Additionally, the deletion of the addition under Section 36(1)(iii) was upheld, as the property was treated as stock-in-trade with the intention of venturing into real estate business. The Tribunal emphasized the importance of respecting the assessee's business decisions and verifying transaction details properly. Case-Laws Income Tax Fri, 21 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333907