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TMI Blog2024 (11) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... ee has raised the following grounds: - "1. National Faceless Assessment Unit (NFAC) has erred in upholding the disallowance of Rs. 50,15,000/- u/s 43CA regarding flat No. C-1103. Without appreciating following facts: i. Provisions of Sec. 43CA cannot be made applicable to the present assessment year as no exchange had taken place during year. 2. Without prejudice to above, failed to appreciate the fact that the Ld. AO had made enquire about 4 residential units (C-1103, C-301, C-404 & C- 702), the appellant had made submissions on same identical facts for all 4 units but the Ld. AO has made addition for only one property without providing proper explanation. 3. the appellant craves leave to add, alter or amend the above grounds of ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e as to why the sum of INR 77,42,272 should not be considered as its income from the business or profession under section 43CA of the Act. In response, the assessee uploaded its reply on the portal. After considering the submissions filed by the assessee, the Assessing Officer ("AO") vide order dated 25/12/2019 passed under section 143(3) of the Act disagreed with the submissions of the assessee in respect of Flat No. C-1103. The AO held that on the one hand, the assessee submitted that the flat was allotted to the party in the years 2009 and 2010, while on the contrary, the assessee submitted a copy of the allotment letter, in respect of the same flat, i.e. C-1103, which dates to 05/05/2011, thus contradictions raise doubts on the genuinen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om business or profession and be added to its total income. However, after consideration of the reply filed by the assessee, the AO did not agree with the submissions of the assessee in respect of Flat no.C-1103. As is evident from the record that the AO emphasised on the statement of the assessee that the flat was allotted to the party in the year 2009 and 2010, instead of considering the allotment letter dated 05/05/2011 submitted by the assessee in respect of the aforesaid Flat no.C-1103. The AO further held that the assessee has not provided a copy of the bank account statement reflecting the transaction and a copy of the ready reckoner for the year in which the aforesaid flat was allotted to the party. Accordingly, only in respect of F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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) 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 by any mode other than cash on or before the date of agreement for transfer of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry agreement wherein the purchaser agreed to pay the cost of an additional FSI of INR 2,00,000 and accordingly, the assessee regularised the default by registering the agreement with the competent authority in the year under consideration. 11. From the perusal of the agreement for sale executed on 30/04/2011, forming part of the paper book from pages 81-161, we find that the assessee agreed to sell Flat no.C-1103 to Mr. Arun C. Rathod and Mrs. Sapna Arun Rathod for a total sum consideration of INR 47,30,000. In this regard, earnest money of INR 2 lakh was paid by the purchaser vide cheque No. 272834 dated 26/04/2011, and the balance consideration amounting to INR 45,30,000 was agreed to be paid as per the schedule of payment provided in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same refers to a consideration of INR 49,30,000 for a carpet area of 758 ft². Thus, it is evident that the aforesaid consideration, i.e. INR 49,30,000, is nothing but the consideration ultimately paid by the purchaser, i.e. INR 47,30,000 + INR 2,00,000, pursuant to the execution of the supplementary agreement for a total carpet area of 758 ft², i.e. 651 ft² as per the agreement for sale + 107 ft² additional carpet area. Therefore, we are of the considered view that the recital in the letter of allotment, on which emphasis has been placed by the learned CIT(A), that a regular agreement for sale shall be executed, refers only to the supplementary agreement entered between the parties on 31/03/2016. However, the said fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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