Case Law Details
Sindhu Trade Links Ltd. Vs DCIT (ITAT Delhi)
It can be seen that the assessee company had purchased land at Tifra Bilaspur for Rs. 55,44,800/- including stamp duty and registration charges of Rs. 7,06,705/-. The Ld. DR submitted that as per the observations of the Assessing Officer there are certain purchases of land /properties where in the assessee company have shown lesser amount of purchase consideration than the possible / probable market value of the land. In fact the amount has been shown much below the stamp duty amount. The Assessing Officer held that as per the registered documents the market value of land is higher and stamp duty has been paid on the higher value which proves the rate of land in that are at the relevant period. But from the perusal of the Assessment order it cannot be seen that the Assessing Officer has brought out any evidence to substantiate that any amount more than what has been recorded in the sale deed was paid by the assessee and in the absence of any such evidence, no addition can be made merely on the basis of presumption. Thus, the CIT(A) rightly deleted this addition and there is no need to interfere with the findings of the CIT(A). Hence, Ground No. 5 is dismissed.
FULL TEXT OF THE ITAT JUDGEMENT
These three appeal are filed by the Revenue and the assessee against the orders dated 21/2/2014 for Assessment Year 2008-09 & 2009-10 respectively passed by CIT(A)’s-XI, New Delhi.
2. The grounds of appeal are as under:-
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