2022 (12) TMI 177

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....idhar , Advocate Respondent by : Shri AR.V. Sreenivasan , Addl.CIT ORDER PER MAHAVIR SINGH, VICE PRESIDENT: These two appeals by the assessee are arising out of two different orders of the Commissioner of Income Tax (Appeals)-1, Chennai vide ITA Nos.306/CIT(A)-1/2016-17 & 96/CIT(A)-1/2017- 18 dated 28.03.2018 & 28.06.2018. The assessments were framed by the ACIT, Corporate Circle 1(2) ....

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....ich are argumentative and exhaustive and hence, need not be reproduced. Since the issue and facts in both the years is identical, we will take the facts from assessment year 2014-15. 3. Brief facts are that the AO during the course of assessment proceedings noted that the assessee has purchased land from son of the Managing Director of the assessee company for a sum of Rs.1.40 crores. The AO no....

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....13,130 sq.ft., @ Rs.2437.26 per sq.ft. It was contended before the lower authorities by the assessee that 4139 sq.ft., out of the total area was transferred for a sum of Rs.1,41,85,300/- which works out at Rs.3427.26 per sq.ft. It was contended that they have paid the same price as per the agreement for the acquisition of land of 4139 sq.ft., transferred during the year. According to AO and CIT(A)....

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.... and according to him, the payment made for purchase of land is as per the prevalent market rate, which is fair market value of the property. The ld.counsel for the assessee relied on the decision of Hon'ble High Court of Madras in the case of CIT vs. Dr. V. Srinivasan, (2002) 254 ITR 419, wherein it is held that "The assessee, a practicing doctor in medicine, took on lease a premises con....