Property valuation under section 56(2)(vii)(b) follows the earlier booking year where the flat was booked and paid for.

Property valuation under section 56(2)(vii)(b) was linked to the earlier booking year where the assessee had booked the flat in 2009 and paid the agreed consideration then. Later allotment and registration documents showing a different flat number did not alter the substance, as the developer confirmed the number change was a typographical error and the area remained unchanged. Additional evidence, including the developer's confirmation and the assessee's affidavit, was admitted. On that basis, the benefit of the Explanation to section 56(2)(vii)(b) was available, and the Assessing Officer was directed to verify the earlier booking and allotment documents before fresh assessment.

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Issues: Whether the property valuation for the purpose of section 56(2)(vii)(b) of the Income-tax Act, 1961 was required to be with reference to the financial year 2009-10 and whether the matter required remand for verification of the assessee's additional evidence.

Analysis: The assessee had originally booked the flat in 2009 and made payment of the agreed consideration in that year. The later allotment and registration reflected a different flat number, but the area remained the same and the developer's subsequent letter accepted that one flat number in the amended allotment was a typographical error. The additional evidence in the form of the developer's confirmation and the assessee's affidavit was admitted. On these facts, the benefit of the Explanation to section 56(2)(vii)(b) was held to be available, and the valuation issue required verification by the Assessing Officer on the basis of the earlier booking and allotment documents.

Conclusion: The assessee was held entitled to have the stamp duty valuation considered with reference to financial year 2009-10 relevant to assessment year 2010-11, and the matter was remitted to the Assessing Officer for limited verification and fresh assessment after giving an opportunity of hearing.

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