2021 (6) TMI 443

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.... in setting aside the assessment and referring back the same to the Ld. A.O to conduct a fresh assessment on the basis that the order passed u/s 143(3) of the Act by the A.O is deemed to be erroneous in so far as it is prejudicial to the interest of revenue". 2.The Brief facts of the case are that the assessee is a partnership firm and carrying on business as builder and developer. The assessee has filed the return of income on 30.11.2014 with total income of Rs. 1,06,030/-and the return of income was processed u/s 143(1) of the Act, subsequently the case was selected for scrutiny and notice U/sec 143(2) and 142(1) of the Act are issued. In compliance, the Ld. AR of the assessee appeared from time to time and filed the details. The A.O o....

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....he course of revisionary proceedings explaining that the flats were booked in the financial year 2009-10 and the allotments were issued in the F.Y 2010-11, therefore, the assessee has offered the income for taxation in the F.Y 2012-13 relevant to A.Y 2013-14. During the financial year 2013-14 only agreements were registered and no income has been earned by the assessee, since the bookings and allotment were offered in the relevant assessment year hence the provisions of Sec. 43CA of the Act shall not be applicable. Whereas, the Pr. CIT considered the facts, dealt on the issues, the AIR information and the provisions of Sec. 43CA of the Act and observes that the order of the A.O is erroneous and prejudicial to the interest of the revenue. Th....

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....ct of applications made for the allotment of flat and the bank statements of the firm disclosing the amount received from the applicants and also the agreement of sale and submitted that the A.O has made enquiry and took a possible view, therefore the provisions of Sec.43CA of the Act shall not be applicable to current year and the assessee has disclosed the income in the A.Y.2013-14 and supported his arguments with judicial decisions and paper book and prayed for allowing the appeal. 4. Contra, the Ld. DR supported the order of the Pr. CIT and submitted that the provisions of Sec. 43CA(3) of the Act are very much applicable to the assessee and prayed for dismissal of the appeal. 5. We heard the rival submissions and perused the mater....

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....e transaction falls in the A.Y 2014-15 therefore the provisions of sec 43CA of the Act shall mandatorily applicable and the A.O. has not applied his mind. We find on perusal of the facts and the material papers filed, in respect of the application referred by the Ld.AR at page 8 to 10, it was only made on 26.03.2010 with the details of cheques in respect of the flats. We also find that the assessee has filed the details referred at page 4 to 35 of the paper book before the A.O on 14.12.2016 in compliance to the notice issued u/sec142(1) of the Act which cannot be disputed. The assessee has filed the requisite details in respect of flats which includes name of flat owner, date of booking, stamp duty payment dates, date of registration , a....