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2025 (1) TMI 707

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..... In view of the concurrent findings of fact arrived at by the CIT (A) and Tribunal, we decline to answer the question being a question of fact confirming the order passed by the Tribunal. These appeals are accordingly dismissed. - HONOURABLE MR. JUSTICE BHARGAV D. KARIA AND HONOURABLE MR. JUSTICE D.N.RAY Appearance: For the Appellant(s) No. 1: Ms Maithili D Mehta (3206). For the Opponent(s) No. 1: Mr. Bandish Soparkar, Advocate for Mrs Swati Soparkar (870). COMMON ORAL ORDER (PER : HONOURABLE MR. JUSTICE BHARGAV D. KARIA) 1. Heard learned Senior Standing Counsel Ms. Maithli Mehta for the appellant and learned advocate Mr. Bandish Soparkar appearing for Mrs. Swati Soparkar for the respondent. 2. These appeals were admitted by order dated 2 .....

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..... the Assessing Officer held as under:- We noted from the order of the CIT(A) that the CIT(A) has enhanced the sale consideration by Rs. 25,00,000/- which has not been disputed by the assessee. The AO has taken the sale consideration at Rs. 7,63,13,579/- while the CIT(A) has worked out the sale consideration at Rs. 7,88,25,099/-, The AO has allowed the deduction only for the unaccounted payments to the farmers only for a sum of Rs. 92,09,568/- while the CIT(A) has computed the same at Rs 8,73,887/ The CIT(A) has worked out the cost of the land at Rs. 9,53,83,887/- on the basis of Annexure A/12 of the seized material It was also noted that the assessee has already shown Rs. 80,00,000/- in his books of account which was reduced out of the sum .....

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..... we do not find any illegality or infirmity in the order of the CIT(A) when he allowed the assessee the deduction of Rs. 8,73,83,887/- while determining the profit from Shilpgram Scheme. Thus, the ground taken by the Revenue stands dismissed. 7. Coming to the ground of appeal as pressed by the assessee bearing Ground No. 1.3, we find force in the submissions of the learned AR that the cost of land since had been worked out at Rs. 9,53,83,887/- and the total saleable area was 416520 38000, therefore, the average cost will work out to be Rs. 9,53,83,887 454520 i.e. = Rs. 210 per sq. yd. CIT(A) has valued the unsold plot of land at the rate of Rs.330 per sq. yd. which in our opinion should have been valued at the rate of Rs.210 per sq. yd. The .....

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