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1 - 10 of 32 (0.33 seconds)Kalyan Vihar Buildhome Pvt. Ltd., ... vs Income Tax Officer, Ward-6-1, Jaipur on 29 October, 2019
13. In the present case, where the date of agreement to sell in respect of the
two flats is 9.4.2007, which is much prior to the financial year relevant to
assessment year 2014-15 when the provisions of section 43CA have become
effective, there is no way the assessee would have foreseen these provisions
at the time of entering into the agreement to sell that it has to receive the
consideration only by any mode other than cash. At the relevant point in time
when it had entered into agreement to sell, there was no such requirement of
receiving the whole of the consideration in mode other than cash. Therefore,
in order to make the provisions of sub-section (4) workable, in our view, the
provisions of sub-section (4) would be applicable in respect of agreement to
14 ITA No. 752 & 753/JPR/2023
Shri Krishnaraj Buildhome Pvt. Ltd. vs. ITO
sell for transfer of an asset which has been executed on or after 1st April,
2013 and thus, not applicable in the instant case."
Section 50C in The Income Tax Act, 1961 [Entire Act]
Section 43 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 2 in The Income Tax Act, 1961 [Entire Act]
Principal Commissioner Of Income ... vs Sunil Kumar Agarwal Huf on 29 August, 2022
Conclusion
From the detailed submissions made above, the Hon'ble Tribunal would kindly
appreciate that the Learned Assessing Officer erred in making the impugned
addition of Rs. 1,26,87,868/- by invoking the provisions of Section 43 CA of
the IT Act, 1961 and the ld CIT(A) grossly erred in sustaining the addition,
ignoring the facts that the date of agreement for sale of the immovable
property is 10/09/2008, which is much prior to the Assessment Year 2014-15,
when the provisions of Sec. 43CA have become effective and, as such, the
assessee would not have foreseen these provisions at the time of executing
agreement to sell that it has to receive the sale consideration by any other
mode other than cash before the date of agreement. The provisions of Sec.
43CA being pari materia the provisions of Sec. 50 C of the IT Act, 1961 the
Learned Assessing Officer, being a quasi judicial authority, was duty bound to
refer the matter to valuation cell as held by the Hon'ble Kolkata High Court in
the case of CIT Vs. Sunil Kumar Agarwal (supra). The Learned Assessing
Officer as well as the Learned CIT(A) failed to appreciate the fact that 90% of
the sale consideration was received by the assessee within just five days from
the execution of agreement on 10/09/2008 and such delay being negligible,
the benefit of provisions of Sec. 43CA(d) & (4) should not have been denied to
the assessee. the Learned CIT(A) has grossly erred in not considering the
detailed submission filed by the assessee during the course of appellate
proceedings and in not passing a speaking and well-reasoned order, dealing
with the grounds , submissions and case laws cited by the assessee.
The Hon'ble Tribunal is, therefore, humbly requested to consider the facts of
the case, submission made and case laws cited by the assessee and delete
the addition made by the Learned Assessing Officer and sustained by the
Learned CIT(A).
Section 158BB in The Income Tax Act, 1961 [Entire Act]
Finance Act, 2013
M/S. Shri Satyanandji Tradecom P. Ltd., ... vs Dcit, Cc-7(2), Mumbai on 25 February, 2022
Indexone Tradecone (P) Ltd Vs. DCIT (2018) 172 ITD 396 (ITAT
Jaipur)
"The provisions of section 43CA have been inserted by the Finance
Act, 2013 w.e.f 01.04.2014 relevant to assessment year 2014-15 and if
39 ITA No. 752 & 753/JPR/2023
Shri Krishnaraj Buildhome Pvt. Ltd. vs. ITO
we look at the provisions of sub-section (3) and sub-section (4), it
emphasizes a scenario where the date of agreement fixing value of
consideration for transfer of the assets and date of registration are not
the same and provides that the value as on the date of agreement
would be considered provided the amount of consideration or part
thereof has been received by any mode other than cash on or before
the date of agreement for transfer of the assets.