Haware Infotech Ltd. Vs. Assistant Commissioner of Income Tax

Parties Involved

Facts Summary

Haware Infotech Ltd. is a builder and developer. During the years 2016-17 and 2017-18, the company derived income from the sale of residential and commercial units. The company filed its return of income reporting total income at Rs. 1,04,91,430/-. The Assessing Officer added Rs. 1,07,54,605/- as deemed income from house properties on units held as stock-in-trade which are vacant completed unsold units in various projects developed by the assessee. The assessee appealed against this addition. The second issue pertains to the disallowance of Rs. 8,93,000/- under Section 43CA of the Income-tax Act due to the difference between the agreement value and the value determined by the Departmental Valuation Officer (DVO).…

Legal Issues

• 1. Addition of Rs. 1,07,54,605/- as deemed income from house properties on unsold units.
• 2. Disallowance of Rs. 8,93,000/- under Section 43CA due to the difference between the agreement value and the value determined by the DVO.

Judgment Outcome

Decided in favour of Assessee.

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