TaxTMI 
TaxTMI 
2025 (12) TMI 1361
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.... Section 148 of the Act for the Assessment Year 2021-22. 4. The brief facts leading to filing of the present petition are that the petitioner is a private limited company incorporated on 16.01.2015 and is engaged in the business of real estate development, infrastructure and other allied activities. The petitioner had filed its return of income for the Assessment Year 2021-22 on 11.03.2022 declaring loss of Rs. 13,032/- which was processed under Section 143(1) of the Act. It is the case of the petitioner that during the year under consideration, the petitioner acquired various parcels of immovable land, bearing Survey No. 857, 858, 882 and 889 situated at Village Goraj, Taluka Sanand, District Ahmedabad from Mr. Dhaval Ramchandra Patel vide registered purchase deed executed on 04.11.2020. 4.1. It appears that during the Assessment Year 2020-21, the petitioner had acquired three parcels of land bearing Survey Nos.912, 815 and 959 and in each of these cases, Mr. Sandeep Agarwal had initially entered into Memorandum of Understanding (MoU) with the original land owners. Thereafter, Tripartite Agreements were executed between the petitioner, the original land owners and Mr. Sandee....
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....he comparison of the sale deed values, actual consideration and the applicable stamp duty reveals that the amount of actual consideration is in excess or aligned with the respective stamp duty valuation and the total sale deed consideration was Rs. 39.64 lakhs. It is submitted that the actual consideration paid amounting to Rs. 4.63 crores is higher than the aggregate stamp duty valuation of Rs. 4.62 crores. It is further contended that the parcels of lands acquired were classified in stock-in-trade under the "inventories" head in the audited balance sheet and correspondingly the amount payable to Mr. Sandeep Agarwal was disclosed under "Current Liabilities - Trade Payable" in the audited financial statements for the Financial Year ending on 31.03.2021. However, the entire outstanding liability towards Mr. Sandeep Agarwal has since been fully settled through the banking channels during the Assessment Year 2025-26. 5.1. Further, it is submitted by the learned advocate for the petitioner that during the original assessment proceeding for Assessment Year 2020- 21, the petitioner furnished all the relevant documentary evidence and the Assessing Officer had recorded oral confirmation....
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....earned Senior Standing Counsel Mr. Dev Patel to point out any distinguishing feature between the material which was already examined during the assessment proceedings for Assessment Year 2020-21 and the present Assessment Year 2021-22, he has submitted that the Assessing Officer has failed to appreciate the provisions of Section 56(2) (x) of the Act and has submitted that in the present case, the said provision would be applicable. 9. Having examined both the proceedings of earlier Assessment Years 2020-21 and the present reassessment proceedings for the Assessment Year 2021-22, it is found that the material on which the present proceeding emanates is that both the Assessment Year 2020-21 and Assessment Year 2021-22 are similar. There is no difference between the proceedings which have been culminated in favour of the petitioner. Though, it is noticed by us that the Assessing Officer in the proceedings for Assessment Year 2020-21 accepted the return of income filed of the petitioner vide order dated 17.09.2025 and in the assessment proceedings under Section 143(3) read with Section 263 of the Act, which is subsequent to the impugned notice and order, however, it is an establishe....
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....the transaction with Sandeep Agarwal has been disclosed, and is supported by ledger entries and agreements. All these transactions are considered by the Assessing Officer, while passing the assessment order dated 17.09.2025 for Assessment Year 2020-21. The Assessing Officer in the assessment proceedings for the Assessment Year 2020-21, has examined the aspect of payment of stamp duty and the sale consideration and has found that the land was held as stock-in-trade, hence the provision of section 56(2)(x) will not be applicable. It is also noticed by us that the assessee has explained the payments made prior to the receipt of the notice under Section 263 of the Act and the same is also found to be in order and it cannot be said that it is an afterthought on the part of the assessee. Thus, the contention raised before us with regard to the actual payment having not been paid to the original owners is also liable to be rejected. When the Assessing Officer while examining the proceedings for Assessment Year 2020-21 has considered in detail all the documentary explanation including the explanation tendered by the land owners and the confirming party Mr. Sandeep Agarwal, the present proc....