2020 (1) TMI 698

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....e Appellant - Revenue has challenged the order dated 12 August 2016 passed by Income Tax Appellate Tribunal in Income Tax Appeal No.7660/M/2014. 3. The Appeal pertains to the Assessment Year 2010-2011. 4. The Appellant - Revenue has framed the following questions as a substantial questions of law :- "(A) Whether on the facts and circumstances of the case and in law the Hon'ble Incom....

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....lar addition of suppressed sale consideration under similar facts and circumstances which was upheld by Hon'ble Bombay High Court order dated 20/3/2014 in Income Tax Appeal No. 14 of 2012 ?" 5. The Respondent - Assessee had sold six units from a commercial complex. An addition of Rs. 4.16 crore was made to the income of assessee. Assessee firm is builder and developer and engaged in the activit....

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....uilding during the similar time period, therefore, the claim of assessee that sale price of Unit No. 302 was higher than the stamp duty is not relevant. Assessing Officer also rejected the submission of assessee that Unit No. 302 suffers from design disadvantages and it could not get any customers to purchase the premises of Unit No. 302. The Assessing Officer held that the prevailing rates were i....

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....ed the facts on record. The finding of fact is that Unit No. 302 suffers structural and locational disadvantage from the units which were taken into consideration as comparable units. The Tribunal also took into consideration that the price for sale consideration for Unit No. 302 was higher than the ready reckoner prepared by the State of Maharashtra for the stamp duty valuation. There is thus a f....