TaxTMI 
TaxTMI 
2014 (3) TMI 1076
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....stantial questions of law. He submitted that in so far as the sale transaction with one M/s.Rajkiran Properties & Investments Pvt. Ltd. and M/s.Concord Shipping Pvt.Ltd., the Assessing Officer and the Income Tax Appellate Tribunal have committed an obvious error in overlooking the fact that M/s.Rajkiran Properties & Investments Pvt.Ltd. has paid the entire sale price / consideration prior to commencement of construction or rather in advance. Therefore, in so far as that entity is concerned, the appellant was justified in charging reduced rate and below the market value. In so far as M/s.Concord Shipping Pvt.Ltd. is concerned, the said company did not avail of such a benefit but decided to postpone or defer the payment of total sale price/ c....
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....ding cannot be said to be perverse or vitiated by an error of law apparent on face of the record. The appeal, therefore, does raise any substantial question of law. 5. After having heard Mr.R.V.Desai, learned Senior Advocate appearing on behalf the appellant and Mrs.S.V.Bharucha, learned Counsel appearing for Revenue and perusing with their assistance the impugned orders, we are of the opinion that these questions cannot be termed as substantial questions of law. The Tribunal as also the Assessing Officer referred to a chart which was produced. That chart denotes the dates of agreements for sale, rates at which the flats have been sold and the total consideration. Thereafter, the rate per square feet has been worked out. The two flats whic....
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....e for a deal at lower rate, has not been explained by the Assessee. The Assessing officer and the Tribunal, therefore, were justified in their conclusion and as recorded in paragraph 8 of the order passed by the Income Tax Appellate Tribunal. The appeal to that extent does not raise any substantial question of law. It is accordingly dismissed. 6. However, after having perused the orders of the Income Tax Appellate Tribunal and the Assessing Officer with regard to allotment of two flats to one Mr.Vinay Bhasin that we are of the opinion that in so far as the burden is concerned, that prima facie could not have been cast on the appellant and who have claimed that Mr.Vinay Bhasin was a tenant in the erstwhile structure. In that regard, having ....