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TMI Blog2020 (1) TMI 1717X X X X Extracts X X X X X X X X Extracts X X X X ..... cord and hence, this aspect has been duly examined by the Assessing Officer in our considered opinion there is no occasion for learned CIT to exercise u/s. 263 of the Act As in compliance with sub-section 4 of section 43CA, the assessee has duly received sums through bank and allotment letter are also on record. Hence, when allotment letter/booking of the unit alongwith receipt of booking receipt through bank at an earlier period is already on record, the value at the time of registration is not to be applied. CIT was fully conscious of the fact as he has all the details of the stamp value, date of agreement/allotment and date of receipt of payment in assessee's bank statement. Hence when despite being aware that addition in this regard is not permissible, he has asked the AO to further reexamine the issue by reference to the details available on record. In our considered opinion by way of above order dehorse any cogent material or reasoning learned CIT is directed the AO to make roving inquiry to somehow or other dislodge evidences duly on record that provisions of section 43CA are not applicable in the facts of the case. Accordingly, in the background of the aforesaid preceden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .11 then the Ready Recknor (Stamp Duty) rate of the year 2011 (from 1.1.2011 to 31.3.2011) is compared with the agreement rate of the fiat. In all such cases the agreement value is always higher than the Ready Recknor values. Most of the flats/shops which were allotted in earlier years were registered with the Stamp Duty Authorities on completion of construction only i.e. in the financial year 2013-14 (i.e. on 31.3.2014). Therefore, the comparison on of Agreement value and that as shown in the registered document by Stamp Duty Authority is different and that the value of Stamp duty will always be higher as the same is done at a subsequent period/date. Since the registration of agreement was done in F.Y, 2013-14, the value of Stamp duty authorities is higher than the value of agreement entered Into by the assesses in respect of those flats/shops which were allotted in earlier years. But if the value of the Stamp duty Authorities of the year of allotment is compared with the allotment letter value / agreement value, then none of the flats/shops have been sold at a rate lower than the value arrived at as per the Stamp Duty authority rates. -------------------- ------------ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as erroneous and prejudicial to the interest of the Revenue as mentioned above. Thereafter learned CIT referred to the provisions of section 43CA and held that the provisions of are self explanatory. Learned CIT concluded as under :- "7. Based on the observations made above, on the perusal of the records and the documents submitted, I in exercise of the powers conferred upon me u/s 263 of the Act hereby set-aside the order of the Assessing Officer to the extent as under :- "Issue of section 43CA of the Act, in respect of units sold at the rates below the stamp value." 8. The Assessing Officer is required to go through the details as submitted by the assessee during the revision proceedings u/s. 263 of the Act as well as the details available on the record. In the light of the provisions of the section 43CA and 68 of the IT. Act, along-with relevant judicial case laws, the Assessing Officer is directed to verify and peruse the documents submitted by the assessee to reach a conclusion and action as per law. The Assessing Officer is directed to give opportunity to the assessee and the assessee is also free to submit the relevant documents in support of the claim made by it to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Hon'ble Bombay High Court decision in the case of Gabriel India Ltd. (203 ITR 108). In our considered opinion these case laws also further fructify the case of the assessee. Accordingly, in our considered opinion when allotment letter/booking of the unit alongwith payment of receipt through bank is already on record, we fail to understand as to what enquiry is further remaining to find out whether provisions of section 43CA(4) are applicable. We may in this regard gainfully refer to provisions of section 43CA as under:- Section 43CA. (1) Where the consideration received or accruing as a result of the transfer by an assessee of an asset (other than 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 for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration received or accruing as a result of such transfer. (2) The provisions of sub-section (2) and sub-section (3) of section 50C shal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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