9911796707
TMI Blog2025 (2) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment order which clearly shows the gap between the date of booking and the date of agreement. The documents clearly show that the market value i.e. Govt. value as on the date of booking was less than the agreement value as on the date of booking.
As decided in the case of Kolte Patil Developers Ltd. [2024 (8) TMI 748 - ITAT PUNE] where the Tribunal has decided the issue in favour of the assessee by holding that since the assessee has received a part of consideration as advance as per agreement and the sale deeds were made on the basis of agreement value although the market price has gone up by that time, therefore, in view of provisions of sub-sections (3) and (4) of section 43CA, no addition was called for.
Since, admittedly in the instant case the assessee has received a part of the consideration as advance as per the agreement and the sale deeds were made on the basis of such agreement value, although the market price has gone up by that time, therefore, in view of the provisions of sub-sections (3) and (4) of section 43CA of the Act, no addition is called for. Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... agreement value & the difference is valued at Rs. 38,69,867/-. Flat No. Date of Booking Date of Agreement Agreement (Sale Value) Mkt. Value on date of Agreement Area of Flat Difference 1403 07/12/2009 08/11/2012 5,80,000 10,06,500 464 4,26,500 1503 01/02/2010 25/01/2012 6,82,000 7,30,000 232 48,000 1405 12/12/2009 29/08/2012 8,63,950 10,06,500 384 1,42,550 1409 07/12/2009 22/10/2012 5,80,000 9,55,867 464 3,75,867 1401 20/10/2009 01/06/2011 6,52,400 6,60,000 378 7,600 1410 07/12/2009 27/12/2012 5,80,000 10,07,000 464 4,27,000 1301 24/09/2009 16/06/2015 5,83,750 13,92,000 320 8,08,250 1412 07/12/2009 06/08/2012 5,80,000 10,07,000 464 4,27,000 1508 12/12/2009 26/12/2014 6,82,500 10,70,500 258 3,88,000 1417 02/03/2011 26/12/2014 12,85,000 13,28,000 320 43,000 1511 15/02/2010 25/01/2016 7,76,000 11,22,000 258 3,46,000 1507 09/01/2010 02/03/2016 6,91,900 11,22,000 258 4,30,100 Market Value as per sq. ft for 2011 1451psf. Market Value per sq.ft. for 2010 1115psf. Market Value per sq. ft. for 2008 1115psf. We have sold/allotted flat to purchaser at prevailing rate of market v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... han cash on or before the date of agreement for transfer of the asset. 5.4 In the instant case, it appears that the appellant has sold 50 flats, but the sale consideration received from 12 flats alone is less than the prevailing market rate on the date of registration of the said flats. Further, the appellant could not furnish the reasons for selling the said 12 flats for lesser consideration out of sale of 50 flats during the year. Whereas, the appellant has simply submitted the letters of allotment entered with the said 12 buyers during the year 2009 and accordingly claimed that as per section 43CA(3) of the Act, the addition by the AO u/s 43CA is not sustainable. 5.5 Whereas, the appellant has not submitted necessary documentary evidences as per the sub section (4) of the Act that, the amount of consideration or a part thereof has been received by the appellant from the said buyers of the flat by any made other than cash on or before the date of agreement for transfer of the asset. Further, tax audit report also has clearly quantified the above amount of Rs. 38,69,867/- to be added to the total income as per the provisions of section 43CA of the Act on account of receipt of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... add to, alter or amend or delete the aforestated ground of appeal, in the course of the hearing or any time before the hearing as may be advised. 8. The Ld. Counsel for the assessee at the outset drew the attention of the Bench to the details given before the Assessing Officer and submitted that on the date of booking the market value (Govt. value) was less than the agreement value. He submitted that the respective flats were sold much after the date of booking and the assessee had received the initial amount at the time of booking through banking channel. Referring to the provisions of section 43CA(3) and 43CA(4) of the Act, he submitted that the section is very clear, according to which where the date of agreement fixing the value of consideration for transfer of the asset and the date of registration of such transfer of asset are not the same, the value referred to in sub-section (1) may be taken as the value assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer on the date of the agreement. 9. Referring to the decision of Pune Bench of the Tribunal in the case of Kolte Patil Developers Ltd. vs. DCIT (2024) 167 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the stamp duty value as on the date of booking of flats and therefore, no addition is called for. 13. We find some force in the above arguments of the Ld. Counsel for the assessee. A perusal of the assessment order itself shows that the assessee during the course of assessment proceedings has filed its reply which has already been reproduced in the preceding paragraphs. A perusal of the same shows that the dates of booking of 12 flats in question were much prior to the dates of registration. A perusal of the details filed by the assessee in the paper book shows that in all the 12 cases the market value (Govt. value) is more than the agreed value as on the date of booking. Since there is a long gap between the date of booking and the date of sale, therefore, the market price (Govt. value) has gone up. Merely because the Auditor has mentioned in the audit report that the assessee has sold certain flats which is less than the market value (Govt. value), the same cannot be the basis for addition without looking to the clear provisions of the Act. As mentioned earlier, the Assessing Officer himself has reproduced the details filed by the assessee in the body of the assessment order whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsfer of asset are not the same, the value referred to in sub-section (1) may be taken as the value assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer on the date of the agreement. (4) The provisions of sub-section (3) shall apply only in a case where the amount of consideration or a part thereof has been received by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account [or through such other electronic mode as may be prescribed on or before the date of agreement for transfer of the asset." 14. A perusal of the details filed by the assessee in the paper book reveals that the assessee has received advances by cheque in respect of those three flats as per agreement and the sale deeds were executed subsequently where the market price is more than the agreement value. Since the assessee has received a part of the consideration as advance as per agreement and the sale deeds were made on the basis of the agreement value, although the market price gone by that time, therefore, in view of the provisions of sub-clauses (3) and (4) of section 43CA of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
