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Addition u/s 56(2)(b)(vii) relates to the amount in excess of stamp duty value from the sale consideration being added to the total income of the assessee under the head income from other sources. The assessee agreed to pay a lump-sum consideration for a flat along with a car parking space as per the allotment letter issued by the builder. The allotment letter was accepted, and conditions were fulfilled except for an amount pending on the date of registration. The Tribunal considered the allotment letter as an agreement to sell and examined the applicability of the first and second provisos to section 56(2)(vii)(b). The first proviso requires the consideration or part thereof to be paid by a mode other than cash on or before the date of agreement. The second proviso relates to the stamp duty value on the date of agreement. The assessee was directed to furnish evidence of payment of consideration or part thereof by a mode other than cash on or before the date of the allotment letter to prove the applicability of the provisos. The appeal was allowed for statistical purposes to provide an opportunity to the assessee to substantiate the case.
Addition u/s 56(2)(b)(vii) relates to the amount in excess of stamp duty value from the sale consideration being added to the total income of the assessee under the head income from other sources. The assessee agreed to pay a lump-sum consideration for a flat along with a car parking space as per the allotment letter issued by the builder. The allotment letter was accepted, and conditions were fulfilled except for an amount pending on the date of registration. The Tribunal considered the allotment letter as an agreement to sell and examined the applicability of the first and second provisos to section 56(2)(vii)(b). The first proviso requires the consideration or part thereof to be paid by a mode other than cash on or before the date of agreement. The second proviso relates to the stamp duty value on the date of agreement. The assessee was directed to furnish evidence of payment of consideration or part thereof by a mode other than cash on or before the date of the allotment letter to prove the applicability of the provisos. The appeal was allowed for statistical purposes to provide an opportunity to the assessee to substantiate the case.
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