2020 (1) TMI 1475

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.... Rs. 13,60,059/- u/s 43CA of the Income Tax Act, 1961. The action of ld. CIT (A) is illegal, unjustified, arbitrary and against the facts of the case. Relief may please be granted by deleting the said addition of Rs. 13,60,059/-. 2. The assessee craves its right to add, amend, or alter any of the grounds on or before the hearing." 2. The assessee company is in the business of Real Estate Development and filed its return of income for the year under consideration on 22.09.2014 declaring total income of Rs. 43,16,610/-. During the course of assessment proceedings, the AO noted that the assessee has sold one office for less than the value as per Stamp Valuation Authority for which agreement and date of registration is not same. The....

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....ions of section 43CA was brought into Statute. Thus the ld. D/R has contended that the AO has rightly made the addition under section 43CA when the assessee has shown the sale consideration less than the Stamp duty valuation. 5. We have considered the rival submissions as well as the relevant material on record. As far as the fact regarding the sale consideration shown by the assessee at Rs. 62,00,000/- and Stamp Duty Valuation of the office in question at Rs. 75,60,059/- are not in dispute. The assessee has disputed the applicability of the provisions of section 43CA on the ground that the booking for sale of the office in question was made on 28th February, 2013 which is prior to the date on which the provisions of section 43CA are app....

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....t, be deemed to be the full value of the consideration.] (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 of the value adopted or assessed or assessable under sub-section (1). (3) 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 not the same, the value referred to in sub-section (1) 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. (4) The provisions of sub-section (3) shall apply only in a case where the amount ....