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2022 (8) TMI 580 - AT - Income TaxUnexplained credit u/s 68 - CIT-A deleted part addition - HELD THAT- As considering the details in respect of agricultural income we note that the assessee has substantial land holding and claimed agricultural income. CIT(A) considering the relevant evidence on record and also with submissions of the assessee following earlier years’ assessments restricted the addition to the extent of Rs. 8,35,667/- i.e. Rs. 81,28,523/- (-) Rs. 72,92,856/-). Therefore, we find no infirmity in the reasons recorded by the CIT(A) from para 5.2 to 5.10 of the impugned order at page 17. Thus, the order of the CIT(A) is justified. Ground No. 1 raised by the Revenue is dismissed. Benefit u/s 43CA - difference between the value of stamp duty and the sale consideration as per agreement to sale u/s 43CA(1) of the Act on account of deemed income - HELD THAT:- CIT(A) held that the sub-section (3) of section 43CA does not provide the agreement fixing the value of consideration for transfer of assets should be registered. Therefore, we find that the view of the A.O in not giving benefit provided u/s 43CA(3) of the Act to the assessee is not justified. Further, the CIT(A) also discussed the relevant Explanatory note of Finance Act, 2013 for introduction of section 43CA of the Act which is reproduced by the CIT(A) in the impugned order - On perusal of the same, we note that the CIT(A) is correct in holding that the Explanatory Note also does not provide the agreement fixing the value of consideration entered into on earlier date should be registered. Thus, we find no infirmity in the order of the CIT(A) in holding that the assessee is entitled for benefit u/s 43CA of the Act. Thus, the order of the CIT(A) is justified on this issue and the ground No. 2 raised by the revenue is dismissed.
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