TaxTMI 
TaxTMI 
2020 (8) TMI 511
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....hat the assessee has purchased a Flat No. 3105, E-Wing, Whispering Tower, LBS Marg, Mulund (W), Mumbai for a consideration of Rs. 1,38,03,550/- on 17/09/2014 whereas the Sub-Registrar, Mumbai has determined the market value for the purpose of stamp duty at Rs. 1,53,43,036/-. Accordingly, the A.O. proposed to invoke provisions of Section 56(2)(b) of the Income Tax Act, 1961 (in short, the Act) to make the addition of the differential amount between the same consideration shown in the sale documents and stamp duty valuation taken by the Sub-Registrar. The assessee has explained that the flat was booked by the assessee on 10/10/2010 and an amount of Rs. 12,38,090/- was paid as earnest money at the time of booking of the said flat. The assessee produced proof of payment on 10/10/2010 as well as 14/10/2010 of Rs. 2,51,000/- and Rs. 9,87,090/- respectively through cheques. Though, the A.O. has not disputed the payment made by the assessee on 10/10/2010 and 14/10/2010, however, the A.O. has denied this claim of the assessee and taking fair market value of the flat as on the date of booking in view of provisions of Section 43-CA of the Act on the ground that the assessee has not prod....
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..... The A.O. has invoked the provisions of Section 56(2)(vii) of the Act for making the addition of the differential amount between the stamp duty valuation and purchase consideration paid by the assessee. The assessee has claimed that the assessee booked this flat on 06/09/2010 and made advance payment of Rs. 2,51,000/- on 10/10/2010 and Rs. 9,87,090/- on 14/10/2010 total amounting to Rs. 12,38,090/-. The A.O. has not disputed these payments made by the assessee vide two cheques dated 10/10/2010 and 14/10/2010. The only dispute is regarding whether the stamp duty valuation has to be taken as on the date of booking of the flat and part payment made by the assessee or at the time of final registration of the purchased document. The assessee produced confirmation of the builder regarding the payments received at the time of booking of flat of Rs. 2,51,000/- and Rs. 9,87,090/- through cheques. Vide letter dated 16/10/2017, the builder has specifically confirmed that the cost of flat is Rs. 1,38,03,550/- and the booking was done by payment of Rs. 2,51,000/- by cheque dated 10/10/2010 drawn on Andhra Bank. This fact is otherwise not disputed by the A.O. We further note that even in the....
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....the assessee and let on hire, if the income is not chargeable to income-tax under the head "Profits and gains of business or profession"; (iii) where an assessee lets on hire machinery, plant or furniture belonging to him and also buildings, and the letting of the buildings is inseparable from the letting of the said machinery, plant or furniture, the income from such letting, if it is not chargeable to income-tax under the head "Profits and gains of business or profession"; ^57[(iv) income referred to in sub-clause (xi) of clause (24) of section 2, if such income is not chargeable to income-tax under the head "Profits and gains of business or profession" or under the head "Salaries";] ^58[(v) where any sum of money exceeding twenty-five thousand rupees is received without consideration by an individual or a Hindu undivided family from any person on or after the 1st day of September, 2004 59[but before the 1st day of April, 2006], the whole of such sum : Provided that this clause shall not apply to any sum of money received- (a) from any relative; or (b) on the occasion of the marriage of the individual; or (c) under a ....
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....y lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi);] ^65[(vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 66[but before the 1st day of April, 2017],- (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; ^67[(b) any immovable property,- (i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; (ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration: Provided that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken....
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....f a property, other than an immovable property, means the value determined in accordance with the method as may be prescribed69; (c) "jewellery" shall have the meaning assigned to it in the Explanation to sub-clause (ii) of clause (14) of section 2; (d) "property" 70[means the following capital asset of the assessee, namely:-] (i) immovable property being land or building or both; (ii) shares and securities; (iii) jewellery; (iv) archaeological collections; (v) drawings; (vi) paintings; (vii) sculptures; ^71[***] (viii) any work of art; ^72[or] ^72[(ix) bullion;] ^73[(e) "relative" means,- (i) in case of an individual- (A) spouse of the individual; (B) brother or sister of the individual; (C) brother or sister of the spouse of the individual; (D) brother or sister of either of the parents of the individual; (E) any lineal ascendant or descendant of the individual; (F) any lineal ascendant or descendant of the spouse of the individual; (G) spouse of the person referred to in items (B) to (F); and ....