ITA No.3760/Mum/2025

Parties Involved

Facts Summary

The assessee, Ace Associates, is a partnership firm engaged in real-estate development. The case involves an appeal by the Revenue against the order of the Commissioner of Income-tax (Appeals) regarding the assessment order for the year 2020-21. The Revenue raised grounds of appeal concerning additions made under sections 23, 68, and 69 of the Income-tax Act, 1961. The assessee argued that the additions were wrongly made due to incomplete reconfiguration of the commercial premises and the nature of certain transactions. The learned CIT(A) deleted the additions after examining the documents and reconciliation provided by the assessee.…

Legal Issues

• 1. Addition under section 23(5) for unsold flats
• 2. Addition under section 69 for receipt of Rs.42,00,000
• 3. Addition under section 68 for opening stock of Rs.27,49,50,173

Judgment Outcome

Decided in favour of Revenue.

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