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Issues: Whether, for the purposes of section 56(2)(x), the stamp duty value as on the date of registration could be adopted, or the consideration fixed in the allotment letter dated 06/09/2015 had to be taken as the relevant value because part consideration had been paid through banking channels before that date.
Analysis: The allotment letter fixed the total consideration and recorded an earnest-money payment made by cheque. The remaining consideration was paid in accordance with the schedule in that letter. On these facts, the letter operated as an agreement fixing the amount of consideration, and the statutory conditions in the provisos to section 56(2)(x) were satisfied because part consideration had been paid by prescribed banking mode on or before the date of the agreement. The authorities below erred in treating the registration date as decisive despite the earlier agreement and payments.
Conclusion: The addition made by adopting the stamp duty value on the registration date was unsustainable and was deleted, in favour of the assessee.
Ratio Decidendi: Where a prior allotment or agreement fixes consideration and part of that consideration is paid through prescribed banking channels on or before that agreement date, the provisos to section 56(2)(x) apply and the stamp duty value must be taken with reference to the agreement date, not the later registration date.
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