2020 (1) TMI 698

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..... th, the Commissioner of Income Tax (Appeals) and Tribunal, have assessed the facts on record. The finding of fact is that Unit No. 302 suffers structural and locational disadvantage from the units which were taken into consideration as comparable units. The Tribunal also took into consideration that the price for sale consideration for Unit No. 302 was higher than the ready reckoner prepared by th .....

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..... 4. The Appellant Revenue has framed the following questions as a substantial questions of law :- (A) Whether on the facts and circumstances of the case and in law the Hon ble Income Tax Appellate Tribunal erred in deleting the addition of ₹ 4,16,70,874/- on account of suppressed sale consideration in respect of the unit sold by the assessee at a lower rate than the other f .....

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..... 5. The Respondent Assessee had sold six units from a commercial complex. An addition of ₹ 4.16 crore was made to the income of assessee. Assessee firm is builder and developer and engaged in the activity of buildings and redevelopment of real estate projects. Assessee during the year declared income from business and other sources. During assessment proceedings, Respondent showed .....

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..... lso rejected the submission of assessee that Unit No. 302 suffers from design disadvantages and it could not get any customers to purchase the premises of Unit No. 302. The Assessing Officer held that the prevailing rates were in the range of ₹ 2,38,576/- to ₹ 2,94,485/- per sq.mtr. and Respondent was unable to give convincing explanation. Accordingly, the Assessing Officer applied the .....

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..... consideration as comparable units. The Tribunal also took into consideration that the price for sale consideration for Unit No. 302 was higher than the ready reckoner prepared by the State of Maharashtra for the stamp duty valuation. There is thus a finding of fact rendered by two authorities concurrently. The issue being one of the fact after assessment of evidence and the approach of the authori .....

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