TaxTMI 
TaxTMI 
2024 (8) TMI 1569
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....ction 43CA read with 50C of Income tax Act. 2. That the Ld. CIT (A) has wrongly confirmed the addition of Rs 752169/- under section 43CA read with Section 50 C of Income tax Act on account of difference between sale consideration and FMV determined by DVO without appreciating the fact that difference was less than 10%. 2. Briefly the facts of the case are that the assessee is engaged in the business of commercial development and sale of office spaces. During the year under consideration, sale deeds were registered in respect of Unit No. B509, B506, B311 and C214 and the AO, after calling for the information/explanation from the assessee, invoked the provisions of Section 43CA r/w 50C of the Act and an amount of Rs 31,45,300....
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....years 2014-15 and 2015-16 is as under:- Sl. No. Unit No. Address Area (Sq.Ft.) Consideration Received FMV Rate adopted Fair market value as determined Difference 1 B509 Fifth Floor, Elante office suite 4414 47579800 10500 46347000 1232800 2 B506 Fifth Floor, Elante office suite 5000 53000000 10500 52500000 500000 3 B311 Third Floor, Elante office suite 2825 31075000 10500 29662500 1412500 4 C214 Second Floor, Elante office suite 2973 32703000 11253 33455169 Taken as Nil being sale consideration is more than FMV TOTAL 164357800 Rs. 31,45,300/- I....
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....cial year 2015-16 relevant to assessment year 2016-17 and only on account of registration of sale deed during the year, the provisions of section 43CA r/w 50C has been invoked. In the said factual background, it was submitted that firstly provisions of section 43CA r/w 50C has been wrongly invoked in the year under consideration. It was further submitted that difference between the sale consideration and FMV is only 2.3% which is less than 10% and in view of the settled position as held by the various Benches of the Tribunal as well as subsequent amendment in the provisions of section 43CA r/w 50C, the said difference deserve to be ignored and no addition therefore required to be made u/s 43CA r/w 50C of the Act. 5. Per contra, the ld DR....
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....ng the profits and gains from transfer of such asset. It envisages a situation where the consideration received or accruing as a result of the transfer is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer. In such a situation, it has been provided that the value adopted or assessed or assessable by such authority shall be deemed to be full value of consideration which can be considered and actual consideration has to be ignored for the purposes of computing the profits and gains from transfer of such asset. At the same time, it envisages a situation where the value adopted or assessed or assessable by the authority does not exceed....