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TMI Blog2022 (12) TMI 177X X X X Extracts X X X X X X X X Extracts X X X X ..... : Shri AR.V. Sreenivasan , Addl.CIT ORDER PER MAHAVIR SINGH, VICE PRESIDENT: These two appeals by the assessee are arising out of two different orders of the Commissioner of Income Tax (Appeals)-1, Chennai vide ITA Nos.306/CIT(A)-1/2016-17 & 96/CIT(A)-1/2017- 18 dated 28.03.2018 & 28.06.2018. The assessments were framed by the ACIT, Corporate Circle 1(2) / ACIT(OSD), Corporate Range 1, Chenna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hence, need not be reproduced. Since the issue and facts in both the years is identical, we will take the facts from assessment year 2014-15. 3. Brief facts are that the AO during the course of assessment proceedings noted that the assessee has purchased land from son of the Managing Director of the assessee company for a sum of Rs.1.40 crores. The AO noted that as per sale deed, the value of la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s contended before the lower authorities by the assessee that 4139 sq.ft., out of the total area was transferred for a sum of Rs.1,41,85,300/- which works out at Rs.3427.26 per sq.ft. It was contended that they have paid the same price as per the agreement for the acquisition of land of 4139 sq.ft., transferred during the year. According to AO and CIT(A), the amount paid by assessee for the purcha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchase of land is as per the prevalent market rate, which is fair market value of the property. The ld.counsel for the assessee relied on the decision of Hon'ble High Court of Madras in the case of CIT vs. Dr. V. Srinivasan, (2002) 254 ITR 419, wherein it is held that "The assessee, a practicing doctor in medicine, took on lease a premises constructed by a trust on a land, owned by the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... term of the perspective of businessman, unless a contrary finding given by the authorities below, the addition cannot be sustained. Accordingly, we allow this issue of assessee's appeal. 7. Consequently, the issue being exactly identical in assessment year 2015-16 in ITA No.2399/Chny/2018, the addition made by the AO cannot be sustained and this appeal of the assessee is also allowed. 8. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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