UNITECH RESIDENTIAL RESORTS LTD.,NEW DELHI vs. DCIT, CIRCLE-27(1), NEW DELHI

ITA 4409/DEL/2019Status: DisposedITAT Delhi12 February 2026AY 2010-11Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI NAVEEN CHANDRA (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the addition on account of exchange of land was not justified as the assessee had not received any monetary consideration. However, the penalty levied under Section 271(1)(c) was quashed due to a defective show-cause notice.

What were the facts?

The assessee, a real estate developer, exchanged land without disclosing any sale value in its books. The Assessing Officer added the difference between the circle rate and the book value of the exchanged land to the assessee's income. The CIT(A) upheld this addition.

What were the issues?

Whether the difference between the circle rate and the book value of exchanged land is taxable as business income, and whether a defective penalty show-cause notice vitiates the penalty proceedings.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 271(1)(c),Section 250,Section 50C

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, DELHI BENCH: ‘F’ NEW DELHI

Before: SHRI SATBEER SINGH GODARA & SHRI NAVEEN CHANDRA

For Respondent: Ms. Harpreet Kaur Hansra, Sr. DR
Hearing: 12.02.2026Pronounced: 12.02.2026

PER SATBEER SINGH GODARA, JM These twin assessees, namely, ‘M/s. Unitech Reality Pvt. Ltd.’ and ‘M/s. Unitech Residential Resorts Ltd.’ have filed their as many

ITA Nos.4408 & 4409/Del/2019

appeals ITA Nos.4408 & 4409/Del/2019 for assessment years 2013-14 and 2010-11, against the Commissioner of Income Tax (Appeals) [in short, the “CIT(A)”], New Delhi’s separate orders dated 29.03.2019 and 26.03.2019 passed in case nos. 43/18-19/1071 and 10159/2018-19, involving proceedings under sections 143(3) and 271(1)(c) of the

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