2026 (3) TMI 165

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....for the Assessment Year 2010-11. 2. Brief facts of the case are that, the Assessee filed return of income declaring income of Rs. 3,68,25,018/-, thereafter assessment order came to be passed u/s 143(3) of the Income Tax Act, 1961 ('Act' for short) on 25/03/2013 at an income of Rs. 9,76,94,690/-. The case of the Assessee was re-opened and a notice u/s 148 of the Act has been issued. An assessment order came to be passed u/s 147 r.w. Section 143(3) of the Act on 29/12/2017 by making an addition of Rs. 2,81,87,500/- u/s 68 of the Act. Aggrieved by the assessment order dated 29/12/2017, Assessee preferred an Appeal before the Ld. CIT(A). The Ld. CIT(A) vide order dated 26/09/2024, deleted the addition of Rs. 2,81,87,500/- made by the....

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....both the parties and perused the material available on record. The Ld. CIT(A) deleted the addition in following manners:- "7.2. I have carefully considered the facts of the case, the submission of the appellant and evidences on record. The appellant in the earlier year, booked property viz 5 units measuring 2000 sq. ft each in IT Park Gurgaon, Parsvnath Developers Ltd. and the booking amount / registration amount paid was Rs. 24,37,500. During the year under consideration, the company sold the booking rights of these properties to Signature Max Propbuild Pvt. Ltd. for consideration of Rs. 2,81,87,500. The entire amount of Rs. 2,81,87,500 is duly reflected as sales in the financial statements and ITR of the company and that the resu....

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....1,87,500 made by the A.O. is not sustainable as the same was already credited to the P & L A/c under the head sales and the resultant profit of Rs. 2,57,50,000 stood offered for tax @applicable highest rate of tax and thus is directed to be deleted. The AO has also not rejected the books of accounts of the appellant nor rejected the sales shown by the appellant. The appeal on Ground No 4 to 8 are treated as allowed. 6. It is found that the Assessee Company booked a property in the earlier year and the booking amount/registration amount of Rs. 24,37,500/- was paid. During the year under consideration, the Assessee sold the booking rights of the said properties for consideration of Rs. 2,18,87,500/- in favour of Signature Max Prop build Pv....