TaxTMI 
TaxTMI 
2020 (3) TMI 1199
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....e hence needs to be deleted. 2. Thai the addition made by the Ld. AO and confirmed by CIT Appeals was without jurisdiction, without making reference to valuation officer and the difference between transaction value and stamp authority value was not more than 5% of transactions value hence the order passed and addition confirmed is against the law and against the facts of the case hence the addition of Rs. 119900/- needs to be deleted. 3. That the appellant craves leave to add, amend or withdraw any of the ground of appeal, either before or during the course of hearing of the appeal." 2. The only effective ground is against sustaining the addition of Rs. 1,19,900/- in respect of the difference between the actual sale con....
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....g income from brokerage and rental income and declaring total income of Rs. 9,13,370/- in his income tax return filed on 08/08/2015 vide acknowledgement no. 652524630080815 for AY 2015- 16 (Copy of ITR-V & Computation of Income is enclosed herewith as "Annexure - A") . That the assessment of assessee was completed on 23/11/2017 for AY 2015-16 u/s 143(3) of the act and assessment was made by making addition as under:- Particulars Amounts in Rs. Retuned income: Rs. 9,13,370/- Addition to income u/s 56(2)(vii)(b) Rs. 1,19,900/- Assessed Income Rs. 10,33,270/- Tax demanded with interest Rs. 44,760/- Against this, the assessee filed an appeal before CIT (A), Indore- 1 vide Ack No. 340893480211217 dated 21.1....
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....visions of sub-section (1), the following incomes, shall be chargeable to income-tax under the head "Income from other sources", namely :- (x) where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017,- (B) for a consideration, the stamp duty value of such property as exceeds such consideration, if the amount of such excess is more than the higher of the following amounts, namely:- (i) the amount of fifty thousand rupees; and (ii) the amount equal to five per cent of the consideration:]" The amount which has been added to the income of assessee is merely 0.75% (Rs. 1,19,900 / Rs. 1,60,10,100) of the net consideration and this difference amo....
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....existed even at the time of its insertion." ii. Supreme Court of India in the case of Commissioner of Income-tax, v. Alom Extrusions Ltd.[2009] 185 Taxman 416 (SC) held that : "For the afore-stated reasons, we hold that Finance Act, 2003, to the extent indicated above, is curative in nature, hence, it is retrospective and it would operate with effect from 1-4-1988 [when the first proviso came to be inserted]. For the above reasons, we find no merit in this batch of civil appeals filed by the Department which are hereby dismissed with no order as to costs." iii. Supreme Court of India in the case of Allied Motors (P.) Ltd.v.Commissioner of Income-tax[1997] 91 Taxman 205 (SC) held that: "Looking to the cura....
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....b-section (15) of section 155 shall, as far as may be, apply in relation to the stamp duty value of such property for the purpose of this sub-clause as they apply for valuation of capital asset under those sections;" The said provision is also substantial as mentioned in cases mentioned below:- i. High Court of Allahabad in case of Commissioner of Income-tax v. Dr. Indra Swaroop Bhatnagar [2013] 30 taxmann.com 293 (Allahabad) held that: "It is further provided that where the assessee claims that the value adopted or assessed for stamp duty purposes exceeds the fair market value of the property as on the date of transfer, the Assessing Officer may refer the valuation of the relevant asset to a Valuation Officer in ....