Tribunal held that future sales on unsold plots on date of search cannot be brought to tax as no incriminating materials found during search hence the assessment is not valid . As regards estimation of reasonable profit on the suppressed turnover. Since the assessee had mostly sold real estate plots, estimation of income at 12.5 per cent on the suppressed turnover would be reasonable. (AY. 2010-11 to 2014-15)
Sri Sri Gruhanirman India Pvt. Ltd. v. ACIT (2018) 67 ITR 178 (Hyd.)(Trib.)
S. 153A : Assessment–Search-Real estate business-Suppression of turnover – Future sales on unsold plots on date of search cannot be brought to tax – No incriminating materials found during search- Assessment is not valid.[S. 132]