2022 (11) TMI 237

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....2021 for the Assessment Year (A.Y.) 2016-17 with the delay of 175 days. The assessee filed petition for condonation of delay, submitting that as per orders of the Hon'ble Supreme Court in SMW(A) No.3 of 2020 dated 23.03.2020, 27.04.2021, 23.09.2021 and 10.01.2022, the period of limitation for filing appeals under general laws and all special laws falling between 15.03.2020 and 28.02.2022 shall be excluded for calculating the delay. Since the assessee filed the appeal on 17.11.2021 which falls within the period of limitation provided in the said order of the Hon'ble Supreme Court dated 10.01.2022, he pleaded to condone the delay and admit the appeal for hearing. 2. We have heard the Ld.AR, gone through the condonation petition filed and t....

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....ditures. Under the powers vested with the Ld.Pr.CIT as per the provisions of section 263 of the Act, the assessment records for the A.Y.2016-17 were called for and examined. The Ld.Pr.CIT noticed that the assessee had purchased a house in Vizianagaram for a consideration of Rs.50 lakhs, whereas the market value of the property as per SRO records was Rs.73,98,000/-. The Ld.Pr.CIT held that, as the market value determined by the Registering Authority in the registered document of the said house is Rs.73,98,000/- and the purchase consideration of Rs.50,00,000/- is less than the stamp duty value of the property, the difference of Rs.23,98,000/- is to be treated as income from other sources as per provisions of section 56(2)(vi)(b) of the Act. T....

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....make addition of Rs.23,98,000/- u/s 56(2)(vi)(b)(ii) of the Act towards the difference between the consideration actually paid for the property purchased by the appellant and the stamp duty value of the said property. 4. The learned Principal Commissioner of Income Tax ought to have appreciated that the assessing officer initiated enquiries in respect of the above issue and as such it is not a case of "lack of inquiry" to enable the learned Principal Commissioner of Income Tax to invoke the provisions of S.263 of the Act. 5. Any other ground that may be urged at the time of appeal hearing. 5. Ground No.1 and 5 are general in nature, which do not require specific adjudication. 6. Ground No.2 to 4 are related to initia....