https://www.taxtmi.com/highlights?id=55732 Addition of short term capital gain - Non-adjustment of adavance received with the sale consideration of property - It is unbelievable that, the advance received was adjusted towards cost of said property in a proposed sale, which has not been materialised till date. This argument does not hold waters in the eyes of law. In our view, this is an arranged transaction which cannot be ignored. In a matter of such description, the authorities are entitled to pierce the veil of corporate entity and look at the reality of the transaction. - AT en-us Thu, 03 Dec 2020 11:55:50 +0530 Thu, 03 Dec 2020 11:55:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55732 Addition of short term capital gain - Non-adjustment of adavance received with the sale consideration of property - It is unbelievable that, the advance received was adjusted towards cost of said property in a proposed sale, which has not been materialised till date. This argument does not hold waters in the eyes of law. In our view, this is an arranged transaction which cannot be ignored. In a matter of such description, the authorities are entitled to pierce the veil of corporate entity and look at the reality of the transaction. - AT Highlights Income Tax Thu, 03 Dec 2020 11:55:50 +0530 https://www.taxtmi.com/highlights?id=55732