Court Orders Further Probe into Alleged Receipt Suppression in Residential Complex Construction; Corporate Veil to be Lifted.

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....Construction of residential complex - allegation of suppressed receipts - While theoretically, the petitioner may be right, it is the case of the assessing officer that the veil is to be lifted and the true receipts from the constructions are to be determined. The response of the assessee does not reveal any satisfactory explanation in regard to the difference in land cost vis-a-vis the construction agreement and sale deeds - Matter restored back - HC....