Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 850 - AT - Income TaxRevision u/s 263 - relevant date for the applicability of stamp duty valuation - addition in the form of difference between stamp duty value on the date of registration of the property as against stamp duty valuation on the date of booking of the flats and the actual consideration - when there is a time lag between the date of booking of the flat and the final registration of the flat in favour of the prospective buyers by the assessee, then whether the stamp duty value on the date of booking of the flat or on the date of actual registration of the flat should be considered in terms of Section 43CA ? - HELD THAT:- As per provisions of 43CA(3) of the Act, it is very clear that stamp duty valuation on the date of booking is to be considered and the said stamp duty valuation shall have to be compared with actual sale consideration. This has been done by the ld. AO and hence, it could be safely concluded that the ld. AO had taken a plausible view in the matter by applying the provisions of the Act. We find that there is no incorrect application of law on the part of the ld. AO as alleged by the ld. PCIT. Having brought on record the time lag between the date of booking and the date of actual registration of the flats, the ld. PCIT ought not to have directed the ld. AO to take the stamp duty valuation on the date of registration of the flat which is completely in contradiction of provisions of Section 43CA(3). AO having taken a plausible view in the matter and the ld. PCIT is only trying to substitute his view in place of the view already taken by the ld. AO. This, in our considered opinion, cannot be done by the ld. PCIT by invoking his revision jurisdiction u/s.263 - AO had not committed any error in the order as he had apparently applied the provisions of Section 43CA(3) of the Act. - Decided in favour of assessee.
|