TMI Blog2019 (2) TMI 1916X X X X Extracts X X X X X X X X Extracts X X X X ..... nce is bound to occur. The Assessing Officer was not justified in substituting the value determined by the DVO for the sale consideration disclosed by the assessee. Therefore, Assessing Officer was directed to take ₹ 19,00,000/- only as the sale consideration of the property. This case of Rahul Construction Vs. DCIT (supra.) was also followed by the Pune Bench of the Tribunal in [ 2012 (1) TMI 229 - ITAT PUNE] therein also, the benefit of 10% difference of sale value was allowed in favour of the assessee. Thus, following the aforesaid decisions, we are of the considered view that difference between the sale consideration of the property shown by the assessee and the fair market value determined by the DVO under section 50C(2) bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partnership firm carrying on business of Builders, Promoters and Developers since 2011 and assessed to income tax by the ITO, Ward 7(1), Pune. The assessee has declared total income of ₹ 2,45,750/- for the assessment year 2014-15 by filing revised return dated 08.12.2014 and the assessment was completed u/s.143(3) of the Act vide assessment order dated 22.12.2016. During the year under consideration, the assessee has sold a flat to Premal Vasant Wagh for actual consideration of ₹ 67,20,000/- vide document No.5363/2013 dated 22.04.2013 whereas stamp duty value adopted by the government was ₹ 72,94,924/- which is more than the value recorded in the books of accounts. Accordingly, the Assessing Officer added ₹ 5,74,924 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovisions of the Act i.e. Section 50C and Section 43CA. Section 50C deals with special provision for full value of consideration in certain cases with regard to capital asset. Section 43CA is also special provision for full value of consideration for transfer of assets other than capital assets in certain cases. In this context, the application of the case laws with regard to Section 50C is applicable to Section 43CA as well. 8. With these observations, we refer to the decision of the Co-ordinate Bench of the Tribunal, Pune in the case of Rahul Construction Vs. Deputy Commissioner of Income Tax (supra.). In that case, assessee received an amount of ₹ 19,00,000/- as sale consideration on account of sale of basement of a building. St ..... X X X X Extracts X X X X X X X X Extracts X X X X
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