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TMI Blog2017 (9) TMI 971X X X X Extracts X X X X X X X X Extracts X X X X ..... in reversing the concurrent findings of fact. If the assessee is claiming to be engaged in the business of building, development and investments in real estate, then the Assessing Officer observed that the company had entered into an agreement with M/s. Kirit City Homes. It's development rights in a property at Vasai were sold for a total consideration of Rs. 15,94,06,500/. 4. The agreement in that regard dated 6th May, 2008 was duly registered with the SubRegistrar of Assurances, Vasai. However, a rectification deed was executed and registered on 30th May, 2008, revising the consideration to Rs. 5,24,27,354/. 5. The Assessing Officer, according to Mr. Pinto, correctly noted that the sum of Rs. 15,94,06,500/, though received, was not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms states that where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government (stamp valuation authority) for the purpose of payment of stamp duty in respect of such transfer, then, the value so adopted or assessed or assessable shall, for the purposes of Section 48, be deemed to be the full value of the consideration received or accruing as a result of such transfer. 10. It is common ground that the assessee is in the business of building and development of properties. There was no change in the activities of the company of the assessee during the year under consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,06,500/. On relying this mistake, a deed of rectification was executed on 30th May, 2008 and registered with the office of the SubRegistrar, Vasai. 11. Once all these facts were taken into consideration in totality and they being undisputed, we do not see how the Tribunal can be faulted. The Tribunal has recorded that the assessee was holding 50.16 acres of land, out of which 27.44 acres of land is the subject matter of the MOU dated 27the December, 2007. The remaining land aggregating to 22.72 acres has been converted by the assessee as capital asset, that is subsequent to the impugned transaction. It is in these circumstances and when the total cost of the land has been determined proportionately that all the questions, and particularly ..... X X X X Extracts X X X X X X X X Extracts X X X X
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