Aakashdeep Farms Pvt Ltd. Vs ITO

Parties Involved

Facts Summary

The assessee, Aakashdeep Farms Pvt Ltd., had filed its return of income for the Assessment Year (A.Y.) 2020-21 declaring a loss of Rs.16,005/-. The case was selected for limited scrutiny under CASS to examine the low income in comparison to very high investment and also to examine the purchase value of properties which was less than the stamp duty value. The difference between the stamp duty value and the sale consideration in respect of these properties was to the extent of Rs. 3,29,09,469/-, which was considered as income of the assessee u/s 56(2)(x) of the Act. The assessee had filed an appeal before the first appellate authority, which was decided by the Ld. CIT(A) vide the impugned order and the appeal of the assessee was dismissed. Now the assessee is in second appeal before the ITAT.…

Legal Issues

• 1. Whether the Ld. CIT(A) has erred in confirming the addition of Rs. 3,29,09,469/- u/s 56(2)(x) of the Act, merely on surmises and conjectures without properly appreciating the detailed replies, evidences, and supporting documents furnished by the appellant during assessment and appellate proceedings.
• 2. Whether the Ld. CIT(A) has erred in upholding the Assessing Officer's finding that the transactions were 'planned' to evade tax, despite clear documentary evidence of Banakhats, Sale Deeds, NA permission orders, Jantri valuation charts, and payment proofs establishing bona fide agricultural land transactions.

Judgment Outcome

Decided in favour of Assessee.

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