2019 (9) TMI 487

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...., Pune for a consideration of Rs. 31.00 lakh. Stamp value of such plot was Rs. 57,07,775/-. Invoking the provisions of section 56(2)(vii)(b), the Assessing Officer (AO) held that the difference between the stamp value of the property purchased as on the date of registration of sale deed and the actual purchase consideration was liable to be considered as income under this section. He, therefore, made an addition of Rs. 26,07,775/- (Rs. 57,07,775 - Rs. 31,00,000) u/s.56(2)(vii)(b). The ld. CIT(A) sustained the addition against which the assessee has come up in appeal before the Tribunal. 3. I have heard both the sides and gone through the relevant material on record. The factual matrix as set out in the assessment order as well, is that t....

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.... 30-01-2008 between the Assignee and Assignor's father Mr. Dnyaneshwar Dattatraya Shinde'. Thus, it is apparent that the registered sale deed executed on 11-03-2015 is not an altogether a fresh sale deed, but continuation of the registered irrevocable PoA issued in favour of the assessee in 2008. Under such circumstances, a question arises as to whether provisions of section 56(2)(vii)(b) are attracted in this case. 4. In order to appreciate the rival contentions, it would be relevant to reproduce the prescription of section 56(2)(vii)(b) as under : - ` In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes, shall be chargeable to income-tax under the head "Income from ....

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....iple. 6. The ld. AR raised an alternate contention urging that, if at all, the provisions of section 56(2)(vii)(b) are to be applied, then the same should be considered in entirety in the light of two provisos with the effect that, if the date of agreement fixing the amount of consideration and the actual registration for the transfer of capital asset are not same, then the value should be considered with reference to the date of agreement fixing the amount of consideration of an anterior date and not the stamp value on the date of registration of sale deed. The other proviso provides that such substitution would be allowed only if full consideration or part thereof was received by means of banking channel at the time of execution of the....