TaxTMI 
TaxTMI 
2022 (8) TMI 580
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.... For the Assessee : Shri Sanket Joshi ORDER PER VISWANETHRA RAVI, JUDICIAL MEMBER Both the appeal by the Revenue and the Cross Objection by the assessee arise against common order dated 28-03-2019 passed by the Commissioner of Income Tax (Appeals)-1, Pune ['CIT(A)'] for assessment year 2014-15. 2. Since the issues raised in both the appeal and the cross objection are similar based on same iden....
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....on on account of unexplained credit u/s 68 of the Act to an extent of Rs. 8,35,667/- (Rs. 81,28,523/- (-) Rs. 72,92,856/-) and Rs. 2,77,390/- (Rs. 1,92,74,610/- (-) Rs. 1,89,74,610/-) u/s 43CA of the Act. Aggrieved by the said order, the Revenue is before us. 6. Both the parties heard and perused the material available on record. We note that the assessee earned income from sale of grape produced....
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....cultural income. The CIT(A) considering the relevant evidence on record and also with submissions of the assessee following earlier years' assessments restricted the addition to the extent of Rs. 8,35,667/- i.e. Rs. 81,28,523/- (-) Rs. 72,92,856/-). Therefore, we find no infirmity in the reasons recorded by the CIT(A) from para 5.2 to 5.10 of the impugned order at page 17. Thus, the order of the C....
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....held that the sub-section (3) of section 43CA does not provide the agreement fixing the value of consideration for transfer of assets should be registered. Therefore, we find that the view of the A.O in not giving benefit provided u/s 43CA(3) of the Act to the assessee is not justified. Further, the CIT(A) also discussed the relevant Explanatory note of Finance Act, 2013 for introduction of sectio....