2022 (9) TMI 335

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....;the 'Ld. CIT(A), National Faceless Appeal Centre(NFAC), Delhi, which are arisen from the assessment order dt. 21-11-2016 passed u/s. 143(3) of the Income-tax Act by the Assessing Officer (AO), I.T.O., Ward 31(4), Kolkata. 2. The assessee has raised the following common grounds of appeal for the AY 2014-15:- 1. THAT The Ld. Commissioner of Income Tax (Appeals) erred in sustaining addition of Rs. 11,78,985/- u/s. 56(2)(vii)(b) being the difference between the stamp duty value and agreement value of the property without recognizing the fact that the applied section is applicable to the properties purchased in and after A.Y. 2014-15. The applied section is not applicable in case of appellant assessee. 2. THAT the Ld. C....

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....56(2)(vii)(b) of the Act at Rs. 11,78,985/- being 50% of the differential amount of stamp duty value and the actual purchase consideration. Income assessed at Rs. 13,00,890/-. 4. Aggrieved, the assessee preferred an appeal before the Ld. CIT(A) and reiterated the submissions, but failed to succeed. Now assessee is in appeal before this Tribunal. 5. The Ld. Counsel for the assessee vehemently argued referring to the written submissions filed before the Ld. CIT(A) and also took us through the paper book containing 102 pages stating that allotment letter dated 21.3.2011 and Agreement dated 01-09-2011 prove that the flat was booked and purchase consideration was agreed by both the parties (seller/purchaser) on 01.09.2011 itself and the fl....

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....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 refer-red to therein, or a part thereof, has ....