TaxTMI 
TaxTMI 
2020 (3) TMI 1199
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....ion 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 consideration and the stamp valuation of immovable property. 3. Th....
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....3,370/- 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 21.12.2017 and the same also got dismissed vide order dated 05.03.2019. Assessee the filed an appeal before Ho....
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....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 amount is negligible in amount as compared to purchase consideration amount. In respect to the above section and looking at the present case the difference amount of stamp duty value and considerati....
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....inance 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 curative nature of the amendment made by the Finance Act, 1987 it can be said that the proviso which is inserted by the amending Finance Act, 1987 should be given retrospective effect and be read as forming a part of section 43B from its inception." iv. H....
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....entioned 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 accordance with section 55A of the Income-tax Act." That the Ld. AO passed assessment order without considering the fact that the difference amount is negligible in amount as compare to purchase consideration amount. The said addition was confirmed by the CIT(A)-1, Indore. Hence the addition made by....