Bhawani Apartment Pvt. Ltd. Vs. DCIT, Cen. Cir. 3(2)
Case No: ITA No. 387/KOL/2024
Court: INCOME TAX APPELLATE TRIBUNAL “ B” BENCH, KOLKATA
Date: 3/12/2025
Parties Involved
appellantBhawani Apartment Pvt. Ltd.
respondentDCIT, Cen. Cir. 3(2)
Facts Summary
The assessee, Bhawani Apartment Pvt. Ltd., purchased a property for a consideration of ₹1,42,88,000/-, which had the same stamp valuation. The assessee handed all the account payee cheques in discharge of the purchase consideration, and the seller realized the cheques to the extent of ₹39,30,880/-. Due to a dispute arising out of the property, the remaining payments of cheques were stopped by the assessee. Legal proceedings were initiated, and the dispute remains unsettled. The property has seve…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of ₹75,57,120/- under section 56(2)(x) of the Act was correctly made without referring the matter to the valuation officer as mandated by the Calcutta High Court in Sunil Kumar Agarwal Vs. CIT.
Precedents Relied Upon
2 precedents cited in this judgement.