9911796707
TMI Blog2024 (6) TMI 1365X X X X Extracts X X X X X X X X Extracts X X X X ..... ER SONJOY SARMA, JM: The present appeal is directed at the instance of the assessee against the order of the National Faceless Appeal Centre [hereinafter the "ld. CIT(A)"] dated 09.08.2023 passed u/s 250 of the Income Tax Act, 1961 ("the Act") for the Assessment Year 2015- 16. 2. Brief facts of the case are that the assessee is a company and deals in property development. During the assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he ld. CIT(A) where the appeal of the assessee was dismissed. 4. Dissatisfied with the above order, assessee is in appeal before this Tribunal. The 1st ground of appeal challenged before this Tribunal is in relation to addition of Rs. 93,300/-. On this context, the AR of the assessee stated that from the assessment order, assessee sold 3 flats out of which there was a difference in sale considera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 10% is allowed by the statute and in the present case a difference of value of property of only 2.5%. Therefore, alleged addition made in the hands of assessee is not sustainable. Accordingly, the addition made in the hands of assessee is hereby deleted. 7. Ground no. 2 is relating to addition of Rs. 1,27,85,800/- as made by the AO being the entire sale value of two flats as stated in paragra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uring the year will be taxed neutral. It has been held in the case of Realest Builders & Services Ltd. reported in 307 ITR page 202 (Supreme Court) that when the addition is tax neutral than no double addition should be made. 8. On the other hand, ld. AR supported the decision rendered by the authorities below. 9. We after hearing the rival submissions of the parties and perusing the material av ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the hands of assessee since assessee has already shown the alleged income in the next financial year for the purpose of calculating tax applying the analogy has held in the case of Realest Builders & Services Ltd. reported in 307 ITR Page 202 (Supreme Court) that when the addition is tax neutral than no double addition should be made. Accordingly, instant ground is allowed directing the AO to de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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