2022 (10) TMI 718

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Income Tax Act, 1961 (hereinafter the 'Act') vide order dated 30.12.2017. 2. The only issue in this appeal of assessee is as regards to the order of CIT(A) confirming the addition made by the AO to the extent of Rs.98.20 lakhs u/s.56(2)(vii)(b)(ii) of the Act on account of alleged difference between the value fixed by the stamp duty authorities on the sale deed registered and the sale consideration recorded in the sale deed. 3. Brief facts are that the assessee has purchased three properties and the details in regard to address of property, value / consideration noted in the documents i.e., sale deed and the value determined by stamp valuation authority is as under:- Doc. No. & Date Description Regd. Value Stamp duty Value 1069/2015....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ii) of the Act. Aggrieved, assessee is in appeal before the Tribunal. 5. We have heard rival contentions and gone through facts and circumstances of the case. We noted that the assessee has paid consideration of Rs.1.5 crores for purchase of the above property. We noticed from the orders of the authorities below that the total purchase consideration of Rs.1.05 crores was paid by Shri Nishanth, the spouse of the assessee and balance Rs.45 lakhs was paid by assessee to Shri P. Sridhar. It is to be clarified that assessee's husband Shri Nishanth paid this sum of Rs.1.05 crores to Shri Ramu, the holder of the agreement with the property owner. Hence, there is no dispute that the total consideration paid by assessee is Rs.1.50 crores. It is als....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d vide guideline value from 2017 and the comparative details filed by assessee's counsel reads as under:- Doc. No. & Date Guideline value as on 2015 Guideline value as on 2017 Regd. Value Sale deed 1069/2015 12.02.2015 - 2660 Sq.ft. Rs.79,80,000/- Rs.53,46,600/- Rs.10,00,000 Sale deed 1070/2015 12.02.2015 - 2400 Sq.ft. Rs.72,00,000/- Rs.48,24,000/- Rs.30,00,000 Sale deed 1614/2015 02.03.2015 - 2475 Sq.ft. Rs.74,25,000/- Rs.49,74,750/- Rs.45,00,000 Total Rs.2,26,05,000/- Rs.1,51,45,350/- Rs.85,00,000 The ld.counsel for the assessee stated that in case, the revised guideline value is to be considered and the same can be confronted to the DVO for reconsideration of valuation report prepared by him and for allowing one more....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....State Government for the purpose of payment of stamp duty in respect of an immovable property. It means that the true value of the property or the asset and what should have been the consideration i.e., the fair market value of the property is to be considered for the purpose of considering the provisions of section 56(2)(vii)(b)(ii) of the Act. In the present case, admitted position is that the Government of Tamil Nadu i.e., Inspector General of Registration has reduced the circle rates of the property w.e.f.2017 comparing to the guideline value of 2015, the same is to be considered for adopting the fair market value of the property for the purpose of section 56(2)(vii)(b)(ii) of the Act. In our view, the DVO should consider the subsequent....