Dismissing the appeal of the revenue the Court held that the price of the land was paid with other entries in the bank and there was nothing to show that a cash receipt was received by the assessee. The Tribunal was justified in deleting the additions.
CIT v. Prestige City Developers P. Ltd. (2019) 415 ITR 149 (Raj.)(HC) Editorial : SLP of the revenue is dismissed CIT v. Prestige City Developers P. Ltd. (2018) 406 ITR 36 (St)
S. 143(3) : Assessment–Income from undisclosed sources–real estate business-Purchase of land–Alleged cash receipts-Price of the land was paid with other entries in the bank and there was nothing to show that a cash was received in excess of the agreement–Deletion of addition is held to be justified.[S. 69]