2019 (2) TMI 224

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....A. MOHAN ALANKAMONY, AM:- This appeal raised by the assessee is directed against the order passed by the learned Commissioner of Income Tax (Appeals)-5, Chennai dated 02.03.2018, in ITA No.254/CIT(A)-5/2016-17 for the assessment year 2014-15 passed U/s.250(6) r.w.s. 143(3) of the Act. 2. The assessee has raised several grounds in his appeal however the crux of the issue is that the Ld.CIT(A) has....

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....e course of scrutiny assessment, it was observed by the Ld.AO that the assessee had purchased Plot No.81, Velachery Ganapathy Nagar jointly with two other persons for sale consideration of Rs. 27 lakhs, however the stamp valuation of the property was Rs. 1,45,44,000/-. Thus the stamp value of the assessee's share of land acquired works out to 1/3rd of Rs. 1,45,44,000/- viz., Rs. 48,48,000/-. Since....

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.... "5. The reply of the assessee was considered carefully. The main contention of the assessee is that the actual total size is only 910 sq.ft. whereas the total area considered by the Registrar for the purpose of stamp duty is 1212 sq.ft. and the pathway road measuring 302 sq.ft. is also valued for the stamp purpose. 6. In this regard, it is pertinent to mention here that as per the schedule of t....

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....e Tax Act, 1961. The total stamp duty valuation amounts to Rs. 1,45,44,000/-. The stamp duty valuation attributable to the assessee's share of property is 1/3 X Rs. 1,45,44,000/- =Rs.48,48,000/-. The stamp duty valuation exceeds the consideration paid by the assessee by Rs. 21,48,000/- (ie Rs. 48,48,000 - Rs. 27,00,000). Accordingly, a sum of Rs. 21,48,000/- is hereby added u/s.56(2)(vii)(b) of th....