TaxTMI 
TaxTMI 
2021 (9) TMI 404
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....ting the proceedings u/s 263 which is bad in law and bad on facts. 2. The order passed is contrary to the principles of natural justice and is without providing adequate opportunity of hearing to the appellant. 3. a. The ld. CIT-I has erred in observing that the income of Rs. 11,05,000/- ought to have been considered as income u/s 56(2)(vii)(b) of the Act. Such observation so made is bad in law and bad on facts. b. The application of section 56(2)(vii)(b) in the facts and circumstances of the case is bad in law and bad on facts. 4. The appellant pray for suitable costs. 5. The appellant crave liberty to add, amend, alter, or modify any of the ground of appeal on or before its hearing before your ....
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....or in real estate, the amount paid represents actual consideration paid in normal course of trade and cannot be regarded as gift as contemplated in section 56(2)(vii). 5. The assessee further contends that the order passed by AO cannot be said to be erroneous or prejudicial to the interest of revenue. The main contention of the assessee had been that the case was selected for limited scrutiny and the issue involved was examined and found to be correct and no addition was being made. The assessee also relied upon the Circular dated 29th December, 2015 issued by CBDT with regard to issues and scope of scrutiny cases selected through CASS. It was stressed that the limited scrutiny cases on specific issue based enquiry is to be conducted onl....
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....erpreting a statutory provision and it is more than a mere reading of mathematical formulae and it is an attempt to discover the intent of the legislature from the language used by it. In the said case it was held that certain margins which were provided in the section for the difference in fair market value of asset and the consideration declared in respect of transfer of property is clearly is to save the assessee from the rigour of the section in marginal cases where difference in subjective valuation by different individuals may result in an apparent disparity between the fair market value and the declared consideration. It was also held that it is a well-known fact that the determination of fair market value of a capital asset is gener....
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....m the query letter issued by him on 6.12.2016 which was placed at page 26 of the paper book. The reply was also submitted by the assessee which is at pages 15 and 16 and the main contention was that agreement for purchase was made earlier and since he is real estate business, the property are booked and tried to be sold directly but if the willing buyers are not available after some time the same is being purchased. In view of the above facts and circumstances, it is humbly submitted that the addition u/s 56(2)(vii)(b)(ii) may not be made in the case of assessee and the proposed proceedings may kindly be dropped. 10. The assessee also relied on the decision of ITAT Jaipur Bench in the case of CIT vs. Ashok Agarwal HUF reported in (2020) ....