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TMI Blog2024 (5) TMI 1011X X X X Extracts X X X X X X X X Extracts X X X X ..... ircumstances of the case the learned CIT(A) erred- i. in deleting the entire addition of Rs. 4,91,69,153/- by holding that the assessee is entitled to the benefit of section 43CA(3) of the Act in respect of 15 plots booked in F.Y. 2009-10, 11 plots booked in F.Y. 2010-11 and 6 plots booked in F.Y. 2013-14 without examining the applicability of section 43CA as consideration received is less than the value assessed by the Stamp Valuation Authority? ii. in deleting the addition of Rs. 4,91,69,153/- by holding that the assessee is entitled to the benefits of subsection (3) & (4) of section 43CA of the I.T. Act without appreciating the fact that the un-registered agreements are itself invalid under the provisions of Registration Act and Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax (Appeal) was not justified in rejecting the rectification application without appreciating that there was mistake apparent on the face of records as complete details/registry regarding sale of plots, year wise, was given and therefore the learned CIT(A) should have rectified the mistake. 3. The learned Commissioner of Income Tax (Appeal) was not justified in rejecting the rectification application and himself should have directed to take the correct year of sale in respect of five plots which was wrongly taken in wrong assessment year without appreciating that all the agreements are on record of Id. CIT(A)." 4. In CO No. 12/JAB/2018, following grounds have been raised by the assessee: "1. Considering the fact that the jurisdic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O from books of Rajul Builders during the assessment proceeding hence the ground no 5 of the departments appeal about admission of additional evidence is factually incorrect. 5. Considering the fact that no additional evidence was produced before the Id CIT(A) hence the ground no 5 of the departments appeal be dismissed in limine." ITA No. 141/JAB/2018 : Asstt. Year: 2015-16 Provisions of Section 43CA: 5. The assessee firm is engaged in the business of builders and land developers during the previous year relevant to the assessment year 2015-16. The plots were held by the assessee firm as its stock in trade. As per Profit and Loss account, the total sales during the relevant assessment year is reflected as Rs. 5,37,41,093/-. As per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a consentor who holds no title over the said property is an attempt to evade tax. 7. The Assessing Officer scanned the copies of the agreements at para 6.3 of the Assessment Order. The Assessing Officer held that the unregistered agreement of sale cannot be recognized in the Court of law. The Assessing Officer also held in certain cases, the parties from whom the advances received are not the same parties to whom the registration has been done. Holding thus, the Assessing Officer has considered the difference between the sale consideration and the market value of the property and added an amount of Rs. 4.91 Cr. u/s 43CA of the Income Tax Act, 1961. 8. Aggrieved, the assessee filed appeal before the ld. CIT(A) who deleted the additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e staff of the assessee who are available and hence these persons signed as witnesses. With regard to the change of number of the plot, the ld. CIT(A) held that this is a common business practice to change the plots as per the availability by the customers on mutual agreements and with the developer. The ld. CIT(A) also held that the purchaser has a right to get Side deed executed in his name or in the name of any other person as per the clause 4(b) of the agreement of sale. 14. With regard to non-appearance of advance from customer in the balance sheet as on 31.03.2013, it was held that the assessee firm had 199 plots in Rajul city and Rajul Builder (proprietor Dilip Mehta) also had 89 plots in Rajul City. Both these lands are situa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority of a State Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration received or accruing as a result of such transfer. (2) The provisions of sub-section (2) and sub-section (3) of section 50C shall, so far as may be, apply in relation to determination of the value adopted or assessed or assessable under sub-section (1). (3) Where the date of agreement fixing the value of consideration for transfer of the asset and the date of registration of such transfer of asset are not the same, the value referred to in sub-section (1) ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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