TMI Blog2020 (1) TMI 1475X X X X Extracts X X X X X X X X Extracts X X X X ..... of agreement other than cash. In the case in hand, the booking is claimed to have been made on 28th February, 2013 whereas the sale deed is executed on 01.04.2013 which falls in the previous year relevant to the assessment year under consideration and provisions of section 43CA are applicable for the assessment year under consideration. Thus once the provision itself has taken care of such a situation of difference in date of prior agreement, then the applicability of provision cannot be questioned based on mere existence of prior agreement. The transfer under the provisions of section 43CA is recognized only when a registered document is executed and, therefore, in view of the facts and circumstances of the case that the transfer throug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration on 22.09.2014 declaring total income of ₹ 43,16,610/-. During the course of assessment proceedings, the AO noted that the assessee has sold one office for less than the value as per Stamp Valuation Authority for which agreement and date of registration is not same. The AO proposed to make addition under section 43CA on the differential amount of consideration shown in the document and the Stamp Duty Valuation. The assessee contended before the AO that the agreement of sale of the office in question was entered into with the customer on 28th February, 2013 and at that point of time section 43CA was not in the Statute Book. Thus the assessee contended that the provisions of section 43CA are not applicable when the assessee has al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at ₹ 75,60,059/- are not in dispute. The assessee has disputed the applicability of the provisions of section 43CA on the ground that the booking for sale of the office in question was made on 28th February, 2013 which is prior to the date on which the provisions of section 43CA are applicable i.e. 01.04.2013. It is pertinent to note that the Legislature has specifically provided the remedy for a situation where the property is sold by an agreement and subsequently a sale deed is executed. Thus in case of any difference of date of registration of the transfer of asset and date of agreement, then the value assessable by the Stamp Duty Authority in respect of such transfer, the date of the agreement shall be taken. For ready reference, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) may be taken as the value assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer on the date of the agreement. (4) The provisions of sub-section (3) shall apply only in a case where the amount of consideration or a part thereof has been received 43b[by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account] 43c[or through such other electronic mode as may be prescribed] on or before the date of agreement for transfer of the asset.] As per sub-section (3) and (4) of section 43CA, the benefit of prior agreement is granted if the consideration is received at the time of agreement other than cash. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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