TaxTMI 
TaxTMI 
TaxTMI 
2023 (6) TMI 876
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....nce the assessee declared less purchase value than the value adopted by the Stamp Valuation authority. (ii) On the facts and circumstances of the case and in Law, the Ld. CIT(A) has erred in allowing to club with the purchase cost with the premium paid by the assessee in the subsequent year for converting agricultural land to non-agricultural land in the subsequent year without considering the fact that, the original purchase deed was executed in the F. Y 2015-16 and the Stamp Valuation authority has adopted the value for the same financial year. (iii) It is therefore, prayed that the order of the Ld. CIT(A) may be set aside and that of assessing officer may be restored to the above extent. (v) The assessee craves leave to add, alter, amend and/or withdraw any ground(s) of appeal either before or during the course of hearing of the appeal. " 3. Brief facts as discernable from the orders of lower authorities are that assessee before us is an Individual and filed his return of income (ROI) on 18.03.2017, declaring total income at Rs. 13,64,330/- and exempt income at Rs. 1,06,01,910/-. The assessee`s case was selected under CASS for Complete scrutiny assessment. The reason for ....
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....tamp Valuation Authority for the purpose of payment of stamp duty in respect of such transfer. As per the provisions of section 56(2)(vii)(b) of the I. T. act, an assessee, being Individual or HUF receives(buy) any immovable property for a consideration which is less than the stamp duty value of the property by an amount exceeding Rs. 50,000/- then the difference between the stamp duty value and the purchase "Consideration will be treated as income under the head Other Sources. The difference of the property comes to Rs. 2,21,82,025/-. It is crystal clear that the said investment has been made out of her unaccounted & undisclosed sources of income for the year under consideration. You are required to show cause as to why Rs. 2,21,82,025/- should not be treated as unexplained investment as per Act and added back to your total income for the year under consideration. 4. In view of above, you are requested to furnish the above said details on or before 20/12/2018 by 11. 00 A. M. In case if you failed to furnish your reply on the specified date, it will be presumed that you have nothing to say in this matter. The assessment proceedings will be finalized based on the material fact a....
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.... deed no. 17871 dated 27/10/15 having page no. 55 and 56. The above noted fact has already been noted by collector order dated 24/04/17 for payment of premium of Rs. 17927500. The Premium of Rs. 17927500 has been determined by collector considering final plot land area of 7171 Sq. Meter and not 11951 Sq. Meter. From this, it is clear that fair market value/jantry value of land at block no. 36A is Rs. 44818750 and not Rs. 53779500 as per your show cause notice dated 18. 12. 2018. agasint this, we have already shown total amount of Rs. 49524975 which is more than jantry value of Rs. 44848750 for Final Plot no. 16. We have paid stamp duty on total area of 11951 for certain technical reason. If we have paid stamp duty per revenue records of 7/12 and 8A which actually goes to Surat Urban Development Authority for reasons, we have paid more stamp duty and this does not mean that purchase consideration paid by us Rs. 53779500. In fact, the jantry value of N. A land at Block no. 36A is Rs. 6250 and total area of F. P. No. 16 is 7171 which comes to Rs. 44818750. We further draw your attention that there is no any change in jantry value since 01. 04. 2011. I further state that my share in ab....
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....o the total income of the assessee on account of income from other sources u/s 56(2)(vii)(b) of the Act. 7. Aggrieved by the order of Assessing Officer, the assessee carried the matter in appeal before the Ld. CIT(A), who has deleted the addition made by the Assessing Officer. Aggrieved, the Revenue is in appeal before us. 8. Learned Departmental Representative (Ld. DR) for the Revenue has argued a lot, however, basically he has primarily reiterated the stand taken by the Assessing Officer, which we have already noted in our earlier para and is not being repeated for the sake of brevity. 9. Shri Sapnesh Sheth, Learned Counsel for the assessee submitted that ld CIT(A), after going through the detailed reasoning and explanation given by assessee, observed that above addition was incorrectly made by the assessing officer. The ld Counsel explained that out of the total plot land area of 11951 sq. meter mentioned in the Sale Deed, the actual plot area comes to 7171 sq. meter, since 40% had to be deducted on account of implementation of TP Scheme as per the Surat Urban Development Authority orders. Furthermore, the assessee had also paid an amount of Rs. 1,79,27,500/- as a premium to ....
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....s. 4,95,24,975/- ( Rs. 3,15,97,475 + Rs. 1,79,27,500). in support of the same assessee had furnished copy of purchase deed, collector order for payment and challan for payment of the same for Rs. 1,79,27,500/- and Surat Urban Development Authority T. P. Scheme 45, P. P. No. 16, Layout plan form part of purchase deed. The assessee had also gave detailed explanation during the assessment stage, which is reproduced in para 4. 1 of the assessment order. 11. We note that as per Surat Urban Development authority (SUDA document of TP Scheme 45 dated 09. 10. 2015 and Form no. F (both forming part of registered purchase deed page no. 55 & 56), the open plot land area is 11951 Sq. Meter as per the land revenue record, viz. 7/12, 8A and there will be deduction of land area @ 40% on account of implementation of TP Scheme and the final plot area therefore comes to 7171 Sq. Meter only. This area of 7171 sq meter is specifically mentioned in form F and thus, it is crystal clear that total area of land that can be developed comes to 7171 sq. meters only. Also in registered purchase deed dated 27. 10. 2015, area of land is clearly mentioned as 7171 sq. meters (see page 32 of purchase deed). As exp....