TaxTMI 
TaxTMI 
2025 (9) TMI 445
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....s to Assessment Year (A.Y.) 2015-16. 2. Grounds raised by the assessee are as under: * "The CIT Appeal has erred in law and on facts in confirming the action of AO regarding making the addition of Rs. 8320480 on account of upward adjustment as per TPOs order under section 92CA.3 of the Act merely on surmises and conjectures. * The appellant has to humbly submit that the specified domestic transaction entered into by the appellant firm with Mrs. Dharmisthaben Thakkar Partner of the firm is in respect of non. agricultural land transferred by Dharmisthaben to the appellant firm. The said land is situated at Survey No. 198.1.2 admeasuring 4522 sq. mtrs at T.P. Scheme No. 32 final Plot No. 141.2 at Mouje Gota Ahmedabad and t....
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....s length price. * CIT Appeal failed to properly consider the comparable transaction dated 15.10.2015 on the comparable uncontrolled price transaction between the independent parties for the similar non agricultural land situated at Sub Dist Ahmedabad 8 Sola Taluka Ghatlodia Village Gota. * The appellant respectfully submits that in the present case the appellant firm has rightly determined the arms length price as the cost of acquisition of the specified domestic transaction and hence the upward adjustment of Rs. 832 0480 made to the arms length price of payment made towards the purchase of land from AE should be deleted and no adjustment is required to be made. * The appellant reserves its right to add amend alte....
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.... hands of the assessee. Now, even before us in the absence of any representation on behalf of the assessee, we see no reason to interfere in the order of the Ld. CIT(A) confirming the addition made by the AO/TPO. 5. The addition of Rs.83,20,480/-, we have noted from the order of the AO was made on account of upward adjustment made to Specified Domestic Transaction entered into by the assessee with its Associate Enterprise. This, Specified Domestic Transaction related to the transfer of land by a partner in the assessee firm, Dharmishtaben A. Thakkar, to the assessee firm as her capital contribution. The assessee is engaged in the business of builders and property developers. The impugned transaction was recorded to have taken place in th....
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....st she transferred said 4522 sq.mts. of land to the assessee firm. The assessee also filed a comparable transaction to demonstrate that the impugned specified domestic transaction had taken place at ALP. The AO, however, rejected both the contention of the assessee noting that the land originally acquired was 7537 Sq. mtrs. by the partner and the contention therefore that only 4522sq.mt land was acquired was incorrect. He held that the assessee, therefore, was not justified in stating that the cost of acquisition of land mentioned in the sale deed of Rs.5,20,00,000/- pertained to cost of acquisition 4522 Sq.meters of land transferred to the assessee firm. He further noted that the comparable transaction furnished by the assessee pertained t....