TaxTMI 
TaxTMI 
2020 (11) TMI 817
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....t in a housing project "Royal Accord" developed by M/s Anuradha Real Estate Developers Pvt. Ltd during the financial year 2012-13. The total consideration at the time of booking of the flat was fixed at Rs. 1,05,60,000/-. The assessee paid Rs. 5 lacs on the date of booking vide cheque dated 14.07.2012 and paid another sum of Rs. 22,50,000/- by way of cheque dated 17.08.2012. To support her contentions, the learned AR referred to letter dated 2nd August 2012 from M/s Anuradha Real Estate Developers Pvt. Ltd. at page 117 of the paper book. The learned AR pointed that a perusal of allotment letter would show that the developer has acknowledged receipt of Rs. 27,50,000/- paid by the assessee in 2012 and has reiterated total consideration of the....
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....covered by the proviso to section 56(2)(vii)(b) of the Act. 3. Per contra, Shri Uodal Raj Singh, representing the Department vehemently defined the impugned order and prayed for dismissing the appeal of the assessee. The learned Departmental Representative submitted that the allotment letter of the flat was issued to the assessee in December 2003 and the registered sale agreement was executed on 7th February 2014. Thus, both the documents were executed in favour of the assessee during the financial year 2013-14 relevant to the Assessment Year 2014-15. The ownership of the flat was passed on to the assessee in the period relevant to Assessment Year 2014-15. By merely making advance payment, the assessee does not get the ownership right in....
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....-section (1), the following incomes, shall be chargeable to income-tax under the head "Income from other sources", namely: - (i) XXXXX (ia) XXXXX (ib) XXXXX (ic) XXXXX (id) XXXXX (ii) XXXXX (iii) XXXXX (iv) XXXXX (v) XXXXX (vi) XXXXX (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 but before the 1st day of April, 2017, - (a) XXXXX (b) any immovable property, - (i) XXXXX (ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp....
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....ein the consideration was mutually agreed between the parties was fixed shall be taken for the purpose of sub clause (b). The assessee has also filed a report from the registered valuer, (page 119 of the paper book) according to which the stamp duty value of the flat in August, 2012 has been determined at Rs. 98,68,000/. We find merit in the contentions raised by the assessee. 7. The learned Departmental Representative has contended that the ownership of flat was transferred in Assessment Year 2014-15 upon execution of registered Agreement to sell, therefore the market value on the date of transfer of ownership should be considered. We do not concur with this submission of the learned Departmental Representative. The provision of Section....