Sale of Shop Below Market Price amounts to Fraud with Intention to Tax Evasion: ITAT upholds Disallowance of Loss [Read Order]

By Yogitha S. Yogesh - On April 29, 2023 3:30 pm - 2 mins read
Sale of Shop Below Market Price - Market Price - Sale of Shop Below Market Price amounts to Fraud - Fraud with Intention to Tax Evasion - ITAT upholds Disallowance of Loss - ITAT - Disallowance of Loss - Disallowance - Taxscan

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the sale of shops below market price amounts to fraud to tax evasion and upheld the disallowances. Arihant Moti Developers, the assessee firm is engaged in the business of builders and developers. The assessee has constructed project INSPIRIA. The assessee is following the project…

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