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2021 (7) TMI 725 - AT - Income TaxAddition u/s 43CA - differential amount of consideration shown in the document and the Stamp Duty Valuation - assessee firm had sold three flats for less than the value as per stamp valuation authority for which agreements and date of registration were not same - assessee contended that the provisions of section 43CA are not applicable when the assessee has already entered into the agreement - 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 prior to 01/04/2013 whereas the sale deeds were executed after 01.04.2013 which falls in the previous year relevant to the assessment year under consideration, therefore, provisions of Section 43CA are applicable for the assessment year under consideration. Thus once the provisions itself has taken care of such a situation or difference in date of prior agreement, then the applicability of provisions 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, since 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 has taken placed prior to 01/4/2013 would not take away the transaction from the ambit of the provisions of Section 43CA of the Act. More particularly when the entire sale consideration was not made through account payee cheque at the time of entering into an agreement to sell. See M/S. SPYTECH REALTORS PVT. LTD. VERSUS THE ACIT, CIRCLE-6, JAIPUR [2020 (1) TMI 1475 - ITAT JAIPUR] - Decided against assessee.
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