ACIT, NEW DELHI vs. SMT USHA GUPTA, NEW DELHI

ITA 3862/DEL/2015Status: DisposedITAT Delhi15 December 2023AY 2006-07Bench: or during the course of hearing of the appeal.”22 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the AO cannot substitute the apparent consideration in sale deeds with his calculated market value without any corroborative material. The onus was on the Revenue to prove that the actual consideration exceeded that disclosed in the sale deeds, which was not discharged.

What were the facts?

Following a search operation, the Assessing Officer (AO) made additions to the assessees' income based on the difference between the sale/purchase consideration recorded in sale deeds and the fair market value (FMV) he calculated. The CIT(A) deleted these additions, leading to appeals by the Revenue.

What were the issues?

Whether the AO can make additions based on a calculated fair market value of property exceeding the registered sale deed value without any evidence of understatement of consideration. Whether completed assessments can be disturbed without incriminating material found during search.

Which sections of the Income-tax Act were involved?

Section 69,Section 69B,Section 45,Section 48,Section 50C,Section 56(2)(vi)/(vii)

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Cases cited in this judgment(7)Show list

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Heard together (4 matters)

C.O. No.109/Del/2016
ITA No. 3826/Del/2015
C.O. No.111/Del/2016
ITA No.3859/Del/2015

Read from the judgment's own cause title. This page is filed under one of them.

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘F’: NEW DELHI

BEFORE, SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR U.S., JUDICIAL MEMBER Asst.CIT M/s Satya Realtors Pvt. Ltd. Central Circle-07 R/o A-1, CC Colony PAN-AAJCS 1332F (Appellant) (Respondent)

C.O. No.109/Del/2016 Arising out of ITA No.3826/Del/2015 (ASSESSMENT YEAR 2011-12)

M/s Satya Realtors Pvt. Ltd. Asst.CIT R/o A-1, CC Colony Central Circle-07 PAN-AAJCS 1332F (Appellant) (Respondent) Asst.CIT Smt. Anju Gupta Central Circle-07 R/o A-1, CC Colony PAN-AEIPG 5845H (Appellant) (Respondent)

ITA No. 3826/Del/2015 & ors Asst. CIT Vs. M/s Satya Realtors Pvt. Ltd.

C.O. No.111/Del/2016 Arising out of ITA No.3831/Del/2015 (ASSESSMENT YEAR 2005-06)

Smt. Anju Gupta Asst.CIT R/o A-1, CC Colony Central Circle-07 PAN-AEIPG 5845H (Appellant) (Respondent) Asst.CIT Smt. Anju Gupta Central Circle-07 R/o A-1, CC Colony New

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