2021 (12) TMI 1135

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....stances of the case, the CIT(A) erred in law and on facts in dismissing the appeal preferred by the appellant without objectively considering the applicable legal provisions and judicial decisions available on the subject. 2) For that on the facts and in the circumstances of the case, the authorities below were unjustified in making additions of Rs. 6,63,329/- and Rs. 43,45,222/- merely on the ground that the value adopted by the registration authorities for the purpose of payment of stamp duty at the time of purchase was higher than the apparent consideration. 3) For that on the facts and in the circumstances of the case, the authorities below ought to have ascertained the true market value of the properties purchased and....

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....he assessee. In view of this, we proceed to decide the appeal on merits after hearing the ld. D/R. 3. Ground No.-1: Ground no. 1 is general in nature. 4. Ground Nos.-2 to 5: The assessee vide ground nos. 2 to 5 has agitated against the confirmation of the addition of Rs.6,63,329/- & Rs.43,45,222/- made by the AO u/s 56(2)(vii)(b) of the Income Tax Act, 1961 (hereinafter the 'Act') in respect of difference in the purchase value of the properties as compared to the value fitted by Stamp Duty Authority. 4.1. The brief facts relating to the issue are that the AO observed that the assessee had purchased a property measuring 1030 sq. ft. at 27/19/1, Atapara Lane, Kolkata-700 050, on 13.12.2013 at a consideration of Rs.24,00,000/- b....

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....ovable property on the lines of Section 50C/43CA of the Act. 6. Being aggrieved by the said order of the ld. CIT(A), the assessee has come in appeal before this Tribunal. 7. We have heard the ld. D/R and gone through the record. We find that the contention of the assessee before the ld. CIT(A) was that the amendment brought to Section 56(2)(vii)(b) of the Act vide Finance Act, 2013 w.e.f. 01.04.2014 would not be applicable for the assessment year under consideration. We, at this stage, deem it fit to refer to the relevant provisions of Finance Act, 2013 (17 of 2013). The opening lines of the Finance Act, 2013 (17 of 2013) read as under: "An Act to give effect to the financial proposals of the Central Government for the fin....