https://www.taxtmi.com/caselaws?id=313069 ITAT Chennai upheld revision u/s 263 in a search assessment case involving plot sales. The assessee claimed low sale consideration based on registered documents, but incriminating material seized during search revealed higher actual selling prices. The ITAT rejected the assessee's argument against extrapolation from one document to estimate income for other assessment years, finding it justified given the business nature of real estate development. The tribunal directed AO to adopt Rs.400 per sq.ft. as uniform selling price across all plots for AYs 2010-11, 2011-12, and 2012-13, based on highest price of Rs.406.51 per sq.ft. found in evidence, and recompute additions accordingly. en-us Wed, 31 May 2023 00:00:00 +0530 Fri, 22 Mar 2024 06:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313069 ITAT Chennai upheld revision u/s 263 in a search assessment case involving plot sales. The assessee claimed low sale consideration based on registered documents, but incriminating material seized during search revealed higher actual selling prices. The ITAT rejected the assessee's argument against extrapolation from one document to estimate income for other assessment years, finding it justified given the business nature of real estate development. The tribunal directed AO to adopt Rs.400 per sq.ft. as uniform selling price across all plots for AYs 2010-11, 2011-12, and 2012-13, based on highest price of Rs.406.51 per sq.ft. found in evidence, and recompute additions accordingly. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313069