MARVEL INFRABUILD PRIVATE LIMITED,KADUGODI VEERA SWAMY REDDY COLONY vs. ITO, WARD-4(1)(3), ITO, BANGALORE

ITA 2206/BANG/2024Status: DisposedITAT Bangalore08 September 2026AY 2014-1513 pages
AI SummaryDismissed

What were the facts?

The assessee, a real estate developer, purchased land for ₹15,750,000. An impounded sale agreement indicated the land's value as ₹98,010,000. The Assessing Officer added the difference of ₹82,260,000 to the assessee's income under Section 28(iv).

What did the Tribunal hold?

The Tribunal held that the assessee acquired land valued at ₹98,010,000 for a consideration of ₹15,750,000, resulting in a taxable benefit of ₹82,260,000 under Section 28(iv). The contention that the benefit was not real or that it would be offset by increased cost of acquisition was rejected.

What were the issues?

Whether the difference between the purchase price of land and its higher value indicated in an earlier agreement constitutes a taxable benefit under Section 28(iv). Whether the benefit received in the form of land acquired at a lower value is taxable as income.

Which sections of the Income-tax Act were involved?

Section 28(iv),Section 143(3),Section 133A,Section 131

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES, BANGALORE

Before: SHRI PRASHANT MAHARISHI & SHRI SANDEEP SINGH KARHAIL

PER SHRI PRASHANT MAHARISHI, VICE PRESIDENT

1.

Marvel Infrabuild Private Limited, the appellant, has filed ITA No. 2206/Bangalore/2024 for assessment year 2014–15

ITA 2206/BANG/2024 MARVEL INFRABUILD PRIVATE LIMITED

against the appellate order dated 12 December 2023 passed by the National Faceless Appeal Centre, Delhi [learned CIT(A)]. By that order, the learned CIT(A) partly allowed the asse

The order continues below.

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