Biswarup Samadder vs. ITO, Ward-25(1), Haldia

Parties Involved

Facts Summary

The assessee, Biswarup Samadder, filed his Income Tax Return declaring a total income of Rs. 4,12,600/- for the assessment year 2020-21. His case was selected for scrutiny regarding investments in immovable property. The Assessing Officer noticed that the assessee, a developer, had executed development agreements for three properties with owners other than himself. The purchase consideration was less than the value assessed by the stamp valuation authority, leading to an addition of Rs. 1,03,71,727/- under Section 43CA of the Income-tax Act, 1961. The assessee appealed this order, arguing that the agreements were joint development contracts where no transfer or possession took place, and they were subsequently revoked by the landowners.…

Legal Issues

• 1. Whether the addition of Rs. 1,03,71,727/- under Section 43CA of the Act is justified.
• 2. Whether the penalty imposed under Section 270A of the Act is sustainable.

Judgment Outcome

Decided in favour of Assessee.

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