TAPADIA CONSTRUCTIONS LTD,AURANGABAD vs. PR. CIT, (CENTRAL), NAGPUR, NAGPUR
Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE
Before: SHRI R. K. PANDA & MS. ASTHA CHANDRAAssessment year : 2015-16
PER R.K. PANDA, V.P:
This appeal filed by the assessee is directed against the order dated
22.02.2024 passed u/s 263 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) by the Ld. PCIT(Central), Nagpur relating to assessment year 2015-16. 2. Facts of the case, in brief, are that the assesse is a private limited company engaged in the business of builders, developers, housing projects, hotel and sports club, investment / dealing in shares and securities. It had filed its original return of income on 30.09.2015 declaring total loss of Rs.26,06,750/-. The case was 2
selected for scrutiny under CASS and the order u/s 143(3) of the Act was passed on 15.05.2017 assessing the total loss at Rs.23,50,420/- against the returned loss of Rs.26,06,750/-. A search action u/s 132 of the Act was conducted on 21.08.2018 at the business and residential premises of different members /
associate concern of Tapadia group at Aurangabad and their family members and business concerns during which the assessee was also covered. In response to notice u/s 153A of the Act the assessee filed its return of income on 01.06.2020
declaring total loss at Rs.23,50,420/-. The Assessing Officer completed the assessment u/s 153A of the Act on 02.06.2021 determining the total income of the assessee at Rs.23,43,850/- wherein he had made addition of Rs.46,94,267/- u/s 43CA of the Act on the ground that there is a difference of Rs.46,94,267/- between the actual consideration of the land and the government valuation.
Subsequently, the Ld. PCIT perused the record and found that a valuation report was furnished by the Sub-