TaxTMI 
TaxTMI 
2021 (5) TMI 631
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....has taken the following grounds of appeal:- 1. On the facts and circumstances of the case the order passed by the Commissioner of Income Tax (Appeals) has been made not as per the law and is bad both in the eyes of law and facts. 2. The Assessing Officer in the Order in original dated 16.12.2016 added Rs. 10,53,240/- in the income of the assessee for the A.Y. 2014-15 on the grounds of stamp duty value is more than the sale consideration of property. This addition is confirmed by the Learned CIT Appeals, Ranchi. The Assessing Officer contended that the value of property will be stamp duty value of the property on the date of registry, i.e. on 28.05.0213 as per the provision of section 56(2)(vv) of the I.T. Act, 1961, since ....
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....ate 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 for the purposes of this sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property; It is very clear from the above that before the amendment there was no proviso for the date of payment of the consideration for any property. Since there was no any law in respect of the payment for an immovable property at ....
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....me, the stamp duty value on the date of the agreement may be taken for the purposes of this sub-clause." In this proviso it is mentioned that there should be an agreement only. There is nowhere mentioned in the said proviso that agreement should be registered agreement. However, the Learned CIT Appeals straightway made remarks that "As the agreement is not registered, the agreement dated 19.07.2012 cannot be stated to be a valid legal agreement." Therefore taking the ground that agreement is not registered and adding the income on this ground is unjustified. 6. The Appellant craves leave to add, to alter, to amend the above Grounds of Appeal at the time of hearing. 4. A perusal of the above grounds of appeal shows that ....
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.... was taken by him as income from unexplained sources and added the same into the income of the assessee. The Ld. CIT(A) has confirmed the addition so made by the Ld. A.O. The assessee, thus, has come up in appeal before this Tribunal. 5. I have heard the Learned Departmental Representative (in short, the Ld. DR) and gone through the records. A perusal of the grounds of appeal as adduced/mentioned above in the shape of arguments of the assessee, it reveals that the assessee explained that the Agreement to Purchase/Sale was executed on 19-07-2012 and the payment through cheque was made. However, the date of cheque was mentioned of the next day i.e. 20-07-2012. The fact itself shows that the part payment was made through cheque as per terms....
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....) 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 for the purposes of this sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part ther....