Supreme Court of India
Commissioner of Income Tax 8 Mumbai v. Glowshine Builders & Developers Pvt. Ltd
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What the Court ordered
In view of the above and for the reasons stated above, the present appeal succeeds in part.
Judgment, page 17
From the headnote
Income Tax Act, 1961 – s.142, 143 – Non-disclosure of amount – Dispute related to the Assessment year (AY) 2009-10 i.e. Fin ancial Year (FY) 2008-09 – Assessee entered into an agreement whereby development rights in a property were sold at a Rs. 15,94 ,06,500/- – However, AO noticed that the aforesaid amount was not discl osed by assessee while filing the return of income – Explana tion sought from assessee – In response, the assessee stated th at the aforesaid transaction was duly offered to tax in AY 2008--09 reflecting a consideration of Rs. 5,24,27,354/- – It was claimed that a
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