CHERIE TANDON SALDAHNA ,MUMBAI vs. DCIT, CIRCLE 23(1), MUMBAI

On the facts and under the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the action of the Ld. AO in passing the Assessment Order u/s 143(3) which is bad in law. 2. a) On the facts and under the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the action of the Ld. AO in considering the market value of the flat on the date of registration i.e. 28.06.2017 instead of the market value on the date of allotment i.e. 03.05.2011, thereby disregarding the fact that the true date of allotment was evidenced by the duly executed allotment letter issued by the developer. The Ld. CIT(A) erred in construing the language of this document narrowly, failing to appreciate its substantive legal effect and instead placing undue emphasis on its form. b) On the facts and under the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the action of the Ld. AO in applying the provisions of section 56(2)(x) and making an addition of Rs. 1,14,87,300, while ignoring the proviso to section 56(2)(x) which is applicable in the case of the appellant. The entire consideration of Rs. 2,87,96,200 was paid