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. Financial 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 disclosed by assessee while filing the return of income – Explanation sought from assessee – In response, the assessee stated that the aforesaid transaction was duly offered to tax in AY 2008--09 reflecting a consideration of Rs.
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