Aaeshka Riddhi Realty v/s CIT(A) - NFAC - ITO - 19(1)(1)

Parties Involved

Facts Summary

The assessee, Aaeshka Riddhi Realty, filed its return of income for the assessment year 2016-17 on 07/10/2016, declaring a total income of ₹ 96,74,010. The return was selected for scrutiny under section 147 of the Income Tax Act, 1961, due to a discrepancy between the sale value of a property as per the agreement and the market value as per the Stamp Duty Authority. The sale value was ₹ 1,87,02,500, whereas the market value was ₹ 1,94,40,006, resulting in a difference of ₹ 7,37,505. The Assessing Officer passed an order under section 147 r/w 144B of the Act, adding ₹ 7,37,505 to the total income of the assessee. The Commissioner of Income Tax (Appeals) dismissed the appeal filed by the assessee, confirming the addition. The assessee appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the addition of ₹ 7,37,505 made by the Assessing Officer is justified.
• 2. Whether the amendment in section 43CA of the Act is applicable retrospectively.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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