ITO, Kolkata Vs. Harmony Vinimay Pvt. Ltd.
Case No: ITA No.1978/KOL/2024
Court: Income Tax Appellate Tribunal “B” Bench, Kolkata
Date: 1/15/2025
Parties Involved
RespondentITO, Kolkata
AppellantHarmony Vinimay Pvt. Ltd.
Facts Summary
The assessee, Harmony Vinimay Pvt. Ltd., is a real estate developer that undertook a residential project named Altius in Kolkata. The project was co-owned with 15 other land co-owners, and the revenue and area of the project were to be shared among them. The assessee filed its return of income for AY 2018-19 declaring a total income of ₹1,98,137/-. The case was selected for complete scrutiny, and the Assessing Officer (AO) added ₹12,18,46,800/- to the assessee's income on the ground of non-discl…
Decision in favour of
Assessee
Legal Issues
- 1. Deletion of addition of ₹12,18,46,800/- by the CIT(A) which was added by the AO on the ground of non-disclosure of revenue from project Altius.
- 2. Deletion of addition of ₹1,66,95,828/- by the CIT(A) as made by the AO under the head interest expenses paid to land co-owners.
Precedents Relied Upon
3 precedents cited in this judgement.