Goel Flexible Packaging Pvt. Ltd. Vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Goel Flexible Packaging Pvt. Ltd., filed its return of income on 25.11.2014 declaring a loss of Rs. 32,42,103/-. The case was selected for scrutiny under CASS, and notices under Section 143(2) and Section 142(1) were issued. The assessee sold 14 flats for a total consideration of Rs. 4,75,20,000/- and recognized 30% of the sale consideration, which is Rs. 140,00,000/-. The Assessing Officer added Rs. 4,61,82,937/- to the assessee's income on the ground that the collaboration agreement with Suvandana Infrastructures Pvt. Ltd. was not genuine and the entire sale consideration should be treated as the assessee's income.…

Legal Issues

• 1. Whether the collaboration agreement between the assessee and Suvandana Infrastructures Pvt. Ltd. is genuine and valid.
• 2. Whether the addition made by the Assessing Officer is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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