In the case of M/s Jodhana Homes vs ACIT, Jodhpur ITAT has held that:
From perusal of the record, we found that the AO as well as ld. CIT(A) has failed to appreciate the fact that Section 43CA of the Act is not applicable in the instant case, as the stamp valuation of the property was on higher side. The AO has not corroborated his conclusion with cogent material to sustain the addition. Hence, the adoption of value as per Stamp Valuation Authorities was not sustainable. Hence, we direct to delete the same.
The appeal before the ITAT was filed on following grounds:
- On the facts and circumstance of the case, the ld. CIT(A) has erred in upholding the addition of Rs. 8,21,780/- towards excess payment of interest without appreciating the fact that the interest was paid at the prevailing market rate and there was no excess payment of interest.
On the facts and circumstance of the case, the ld CIT(A) has erred in upholding addition of Rs. 23,10,800 on account of receipt of on-money towards sale of flat to Smt. Vimla Devi without considering the fact no such amount was received by the assessee.
On the facts and circumstance of the case, the ld CIT(A) has erred in upholding addition of Rs. 7,23,732 on account of violation of section 43CA without considering the fact that section 43CA did not attract to the case of the assessee.
The assessee craves to add, amend, delete or vary from one or more grounds of appeal.
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