M/s. Karan Sanran Associates Vs. PCIT (Central), Pune

Parties Involved

Facts Summary

The assessee, M/s. Karan Sanran Associates, is engaged in the business of building construction, promoters, and builders. The assessee filed its return of income on 17.10.2018, declaring a total income of Rs.23,09,450/-. The Assessing Officer completed the assessment under section 143(3) of the Income Tax Act on 13.08.2021. The Principal Commissioner of Income Tax (Central), Pune, examined the record and found that the Assessing Officer's order was erroneous and prejudicial to the interest of revenue due to several issues, including violations of section 43CA, late payment of employees' PF and ESI contributions, and non-compliance with sections 269SS and 269T. The assessee appealed against the order passed by the Principal Commissioner of Income Tax.…

Legal Issues

• 1. Applicability of section 43CA of the Act due to variation between sale consideration and stamp duty valuation.
• 2. Late payment of employees' contribution to PF and ESI.
• 3. Applicability of section 269SS of the Act.
• 4. Applicability of section 269T of the Act.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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