9911796707
TMI Blog2020 (1) TMI 1717X X X X Extracts X X X X X X X X Extracts X X X X ..... order was passed u/s. 143(3) of the Act and assessed income of Rs. 6,83,55,390/-. Learned CIT issued show cause notice u/s. 263 of the Act. In the show-cause notice it was mentioned that stamp duty valuation exceeds total consideration, hence higher stamp duty valuation should have been considered for taxation as per provisions of section 43CA of the Act. That this fact was overlooked and assessment was erroneously completed u/s. 143(3) of the Act. That the Assessing Officer did not examine this crucial fact and as such assessment order was passed by the Assessing Officer is erroneously in so far as it prejudicial to the interest of the Revenue. In response, the assessee submitted that though registration happened in the impugned assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tered document by Stamp Duty Authority is different and that the value of Stamp duty will always be higher as the same is done at a subsequent period/date. Since the registration of agreement was done in F.Y, 2013-14, the value of Stamp duty authorities is higher than the value of agreement entered Into by the assesses in respect of those flats/shops which were allotted in earlier years. But if the value of the Stamp duty Authorities of the year of allotment is compared with the allotment letter value / agreement value, then none of the flats/shops have been sold at a rate lower than the value arrived at as per the Stamp Duty authority rates. -------------------- ------------------------- As can be seen from the above referred s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o whom flats/shops allotted but he noted that neither the payment of initial booking amount nor cheque numbers alongwith date printed on it. Although he observed that the payment of initial booking amount has been credited in the assessee's account as per bank statement submitted. However, he noted that bank statements of persons who have booked flat are missing in record. Therefore he held that the claim of the assessee that flats were booked long time before registration is not justified. He also noted that if a person books flats by advancing its hard earned money, he will ensure that the same amount should be brought in writing which is not present in the allotment letters submitted by the assessee. Hence, he held that in the absence of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer in course of assessment. He submitted that as per provisions of section 43CA the exception is carved out where amount of consideration or part thereof has been received by any mode other than cash on or before the date of agreement for transfer of asset. Hence, he submitted that the provision of subsection (1) & (2) are not applicable in this case. Learned Counsel submitted that the assessee has duly submitted allotment letter and payment of booking amount was also evidenced by bank statement submitted. Hence, he submitted that existence of agreement and payment thereof prior to the registration has been duly proved by the assessee. In this regard he also submitted that the bank statement and ledger account wherein det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Gabriel India Ltd. (203 ITR 108). In our considered opinion these case laws also further fructify the case of the assessee. Accordingly, in our considered opinion when allotment letter/booking of the unit alongwith payment of receipt through bank is already on record, we fail to understand as to what enquiry is further remaining to find out whether provisions of section 43CA(4) are applicable. We may in this regard gainfully refer to provisions of section 43CA as under:- Section 43CA. (1) Where the consideration received or accruing as a result of the transfer by an assessee of an asset (other than a capital asset), being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplied. Learned CIT was fully conscious of the fact as he has all the details of the stamp value, date of agreement/allotment and date of receipt of payment in assessee's bank statement. Hence when despite being aware that addition in this regard is not permissible, he has asked the Assessing Officer to further reexamine the issue by reference to the details available on record. In our considered opinion by way of above order dehorse any cogent material or reasoning learned CIT is directed the Assessing Officer to make roving inquiry to somehow or other dislodge evidences duly on record that provisions of section 43CA are not applicable in the facts of the case. Accordingly, in the background of the aforesaid precedent and discussion we set ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
