M/s. Unitech Reality Pvt. Ltd. and M/s. Unitech Residential Resorts Ltd. vs. DCIT, Circle-27(1), Delhi

Parties Involved

Facts Summary

The assessees, M/s. Unitech Reality Pvt. Ltd. and M/s. Unitech Residential Resorts Ltd., filed appeals ITA Nos.4408 & 4409/Del/2019 for assessment years 2013-14 and 2010-11 against the Commissioner of Income Tax (Appeals) [CIT(A)], New Delhi’s orders dated 29.03.2019 and 26.03.2019. The appeals involve proceedings under sections 143(3) and 271(1)(c) of the Income-tax Act, 1961. The first appeal pertains to the addition of Rs.2,95,40,296/- towards the exchange of land, while the second appeal concerns the levy of penalty under section 271(1)(c) for inaccurate particulars of income.…

Legal Issues

• 1. Addition of Rs.2,95,40,296/- on account of under-valuation of sale of land through exchange.
• 2. Levy of penalty under section 271(1)(c) for inaccurate particulars of income.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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