2020 (3) TMI 1380

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....oner rates are for ready to move in flats and not for flats under construction and the marginal difference of less than 1% between the Ready Reckoner rates and the Sale consideration ought to have been ignored in certain flats . 1.2 the fact that in the case of Flat No. 1902, the said flat was agreed to be sold on 06.11.2012, which was prior to introduction of the provisions of section 43CA of the Act, and therefore, the date of registration should not have been considered as the date of sale for the purpose of invoking the provisions of Section 43 CA of the Income Tax Act, 1961. 2. Hence, the addition of Rs. 16,99,269/- wrongly upheld by learned CIT(A) be deleted. 3. Brief facts of the case are that assessee is a builder and developer.....

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....ssee's submission is twofold. The 1st submission is that there is only marginal difference between the stamp value and the agreement value and hence the difference should not be added. The 2nd submission is regarding sale of flat No. 1902 on the ground that the agreement for the same was already entered into in the year 2012. 7. Upon careful consideration as regards the addition on account of flat No. 1902 is concerned, the assessee's plea that agreement was entered into in 2012 cannot be accepted as learned CIT(A) has rightly observed that assessee has chosen to declare the same in the present assessment year. 8. As regards the submission of the assessee for granting relief wherein there is only marginal difference, I find that ....