2025 (6) TMI 941

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....itha Kaushik (SR DR) ORDER PER RENU JAUHRI A.M. :- This appeal is filed by the assessee against the order of the National Faceless Appeal Centre, Delhi [hereinafter referred to as "CIT(A)"] dated 09/02/2024 passed u/s. 250 of the Income-tax Act, 1961 [hereinafter referred to as "Act"] for Assessment Year [A.Y.] 2016-17. 2. The assessee has raised the following grounds of appeal: ....

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....ing. 2. On the facts, and in circumstances of the case, and in law, learned Commissioner of Income-tax (Appeal) erred in upholding action of the Assessing Officer in treating the redevelopment agreement as transfer of immovable property without appreciating the fact that, Assessee neither transferred any property, nor did it part with possession of the building with the developers, but en....

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....8 was issued on 24/03/2023. As the assessee did not submit requisite documentary evidences, the assessment was completed u/s. 144/147 r.w.s. 144B of the Act at an income of Rs. 6,52,91,758/- after making additions on the above issues. Aggrieved with the order of Ld.AO, the assessee preferred an appeal before Ld. CIT(A). After considering the assessee's submissions, Ld. CIT(A) confirmed the additio....

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....duty valuation was shown at Rs.6,52,77,000/- on which the builder had paid stamp duty of Rs. 32,63,850/- for registration purposes. Before the Ld.AO as well as Ld. CIT(A), the assessee explained that the developer did not commence the work even after a lapse of 10 years. Even otherwise, under the redevelopment agreement there was no transfer of property and the agreement value mentioned therein wa....