AAKASHDEEP FARMS PVT. LTD.,AHMEDABAD vs. THE ITO, WARD-1(1)(1), AHMEDABAD

ITA 115/AHD/2026Status: DisposedITAT Ahmedabad24 September 2026AY 2020-218 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the issue required verification of facts regarding the execution of Banakhat agreements and timely payment of consideration through banking channels. The matter was set aside to the AO for fresh adjudication.

What were the facts?

The assessee purchased nine properties where the stamp duty value was significantly higher than the sale consideration. The Assessing Officer treated the difference as income under Section 56(2)(x). The CIT(A) dismissed the assessee's appeal.

What were the issues?

Whether the stamp duty value on the date of agreement or sale deed should be considered for the purpose of Section 56(2)(x), and whether the assessee provided sufficient evidence of timely payments.

Which sections of the Income-tax Act were involved?

Section 56(2)(x),Section 2(47),Section 270A,Section 234A,Section 234B,Section 234C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, AHMEDABAD

Before: SHRI SANJAY GARG & SHRI NARENDRA PRASAD SINHA

For Appellant: Shri Hardik Vora, AR
For Respondent: Shri Arvind Kumar Namdeo, SR-DR
Hearing: 29.07.2026Pronounced: 24.09.2026

PER NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER:

This appeal is filed by the Assessee against the order of National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as “CIT(A)”] dated 24.11.2025 for the Assessment Year (A.Y.) 2020-21 in the proceeding u/s 143(3) r.w.s. 144B of the Income Tax Act [hereinafter referred as “The Act”].

2.

The brief facts of the case are that the assessee had filed its return of income for A.Y. 2020-21 on 07.11.2020 declaring loss of Rs.16,005/-. The case was selected for limited scrutiny under CASS to examine the low income in comparison to very high investment and also to examine Aakashdeep Farms Pvt Ltd. Vs I

The order continues below.

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