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2020 (1) TMI 1475 - AT - Income TaxAddition under section 43CA - differential amount of consideration shown in the document and the Stamp Duty Valuation - as per AO assessee has sold one office for less than the value as per Stamp Valuation Authority for which agreement and date of registration is not same - assessee contended before the AO that the agreement of sale of the office in question was entered into with the customer on 28th February, 20 - 13 and at that point of time section 43CA was not in the Statute Book - HELD THAT:- As per sub-section (3) and (4) of section 43CA, the benefit of prior agreement is granted if the consideration is received at the time of agreement other than cash. In the case in hand, the booking is claimed to have been made on 28th February, 2013 whereas the sale deed is executed on 01.04.2013 which falls in the previous year relevant to the assessment year under consideration and provisions of section 43CA are applicable for the assessment year under consideration. Thus once the provision itself has taken care of such a situation of difference in date of prior agreement, then the applicability of provision cannot be questioned based on mere existence of prior agreement. The transfer under the provisions of section 43CA is recognized only when a registered document is executed and, therefore, in view of the facts and circumstances of the case that the transfer through sale deed is made during the previous year relevant to the assessment year under consideration for which the provisions of section 43CA are applicable, then merely because an agreement i.e. booking was made on 28th February, 2013 would not take away the transaction from the ambit of the provisions of section 43CA of the Act. Accordingly, we do not find any error or illegality in the impugned orders of the authorities below. - Decided against assessee.
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