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TMI Blog2025 (5) TMI 752X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment order u/s 143(3) of the Act, dated 27.04.2021. 2. The assessee is in appeal raising the following grounds of appeal: "1. That the Ld. AO erred in law as well as in facts in making addition of Rs. 99,02,100/-on account of alleged deemed sales consideration u/s. 43CA of the Income Tax Act, 1961 and the Ld. CIT(A) erred in confirming the Said addition to the tune of Rs. 79,09,325/- in as much as in view of the facts and circumstances of the case no such addition was at all liable to be made. 2. That Ld. AO erred in law as well as in facts in making the said addition of Rs. 99,02,100/- and the Ld. CIT(A) erred in confirming the Said addition to the Tune of Rs. 79,09,325/- in as much as in view of the provisions of section 43CA(3) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dment by the Finance Act, 2018 with effect from 01.04.2019 that was not applicable in the case of the assessee as the case is of FY 2017-18. The Ld. AO added the difference amount of Rs. 99,02,100/- with certain other additions to the income of the assessee and assessed the total income of the assessee at Rs. 10,59,58,420/- u/s 143(3) r.w.s. 144B of the Act. The penalty proceeding u/s 270A(1) of the Act was also separately initiated. Aggrieved with the assessment order, the assessee filed an appeal before the Ld. CIT(A) who, vide order dated 24.06.2024, considered the submission of the assessee on the additions made, but was of the view as mentioned at page 18 of the order that during the appellate proceeding also the assessee failed to giv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 5. Rival contentions were heard and the submissions made have been examined. It was submitted that the Ld. AO compared the sale consideration in respect of 18 properties on the date of registration as per page 2 of the assessment order. It was submitted that the agreements are available and also the issue was raised before the Ld. AO. Our attention was drawn to page 2 of the paper book filed which is the copy of submission dated 24.04.2021 from page 1 to 3 of the paper book and the Ld. AR drew our attention to sub-section (3) of section 43CA of the Act where it is specifically provided that 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 no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng a residential unit, the provisions of this proviso shall have the effect as if for the words "one hundred and ten per cent", the words "one hundred and twenty per cent" had been substituted, if the following conditions are satisfied, namely:- (i) the transfer of such residential unit takes place during the period beginning from the 12th day of November, 2020 and ending on the 30th day of June, 2021; (ii) such transfer is by way of first time allotment of the residential unit to any person; and (iii) the consideration received or accruing as a result of such transfer does not exceed two crore rupees. (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iplab Konar, the percentage difference between the Stamp Duty Value as on the agreement date and the actual sale consideration is Rs. 6,54,954.50 which works out to 11.62% of the actual sale consideration of Rs. 56,37,192.50 for area of flat of 1763 sqft. with the date of agreement being 16.10.2013. The copies of agreement are also enclosed with the paper book filed and it was submitted that the entire consideration had been received by cheque and not by cash and therefore, sub-section (4) of section 43CA of the Act was applicable. On page 37 of the paper book, the copy of sale agreement between Sugam Griha Nirman Ltd. and Mr. Arup Kumar Raha and Mrs. Sreemoyee Raha for the Dup-4G on the 4th and 5th Floor, Block 3 of the property at Kolkata ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of stamp duty on the date of registration and the actual sale consideration received is less than 10% as the conditions of sub-section (4) of section 43CA of the Act are found to be fulfilled as part of the consideration has been received by way of account payee cheque or through such other mode as specified in sub-section (4) of section 43CA of the Act on or before the date of transfer of the asset and, therefore, the value referred to in sub-section (1) of section 43CA of the Act 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 and the addition may be made only where the difference is more than 10% of such value. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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