THE DY. COMMISSIONER INCOME-TAX, JAMMU vs. M/S. HORIZON BUILDCON PVT. LTD,, JAMMU

In the result, the appeals of the Revenue in I

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

transferred. The Hon'ble Madras High Court in the case of CIT Vs. P. Suryanaraina 88 ITR 321 held that the full value of consideration in the said section meant only the actual value received by the assessee. However the market value may also be taken in place of full value of consideration only in the event of the consideration

POONAM MARWAHA,AMRITSAR vs. ACIT DCIT CEN CIR, AMRITSAR

In the result, the appeal filed by assessee is allowed

price. The correct value\nof excess stock as per cost as submitted before the AO is worked out and the assessee\nhas put an alternate argument to demonstrate that the revenue is not prejudiced:\n“Additional argument on the aspect of prejudicial to the interest of revenue:\nThat the appellant vide reply dated 17.03.2021 specifically requested the AO to consider