Addition was made in respect of undisclosed sales of flats. On appeal Tribunal deleted the addition, on basis of material on record, came to conclusion that sale was in fact made by one ‘L’ i.e. developer and, sale proceeds never came into possession of assessee. High Court affirmed the order of the Tribunal.
CIT v. Sadiq Sheikh (2018) 100 taxmann.com 9 / 259 Taxman 423 / 197 DTR 191/ 318 CTR 382 (Bom.)(HC)/CIT v. Sadia Sheikh (2020) 429 ITR 163 / 122 taxmann.com 39 /(2021)276 Taxman 292/ 197 DTR 191/ 318 CTR 382 (Bom.)(HC) Editorial : SLP of revenue is dismissed; CIT v. Sadiq Sheikh (2018) 259 Taxman 422 (SC)
S. 69 : Unexplained investments–Undisclosed sales of flats -Sale proceeds never came in to possession of the assessee-Deletion of addition is held to be justified.