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2021 (11) TMI 305 - AT - Income TaxUnderstatement in the value of a flat sold - Addition u/s 43CA - assessee urged a preliminary ground that th provisions of section 43CA having introduced into the statute by Finance Act, 2013 w.e.f. 01-04-2014, would not be applicable to the transaction relating to the sale of a flat which was concluded upon registration on 23-04-2013, i.e. much before section 43CA came into effect - HELD THAT:- CIT-A doubted the genuineness of expenditure claimed,he has not made any direct disallowance of expenditure - allegation that some flats were sold at higher rate is vague and general in nature without bringing on record cogent material to demonstrate whether these flats sold by the assessee were identical in nature to Flat No.2. Moreo er, no enquiry has been conducted with the buyer of the flat to ascertain whether any on-money was paid by him for purchasing the flat. Without making any enquiry or bringing material on record to establish the fact that the assessee has received any amount over and above the declared sale consideration, no addition could have been made when it is accepted that section 43CA meant for such deemed addition, is not applicable to the subject transaction. Once CIT (Appeals) concluded that section 43CA was not applicable to the subject transaction, there is no reason for him to sutain the addition on different reasoning - no hesitation in deleting the addition - Ground raised by assessee allowed.
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