2024 (6) TMI 937

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....d hence forth the addition of Rs 6 lacs made towards difference in agreed and actual deal (36 minus 30), may kindly be deleted. 2. On the facts and circumstances of the case LD CIT(A) erred in confirming the addition of Rs 2.14 lacs made towards source of stamp duty being paid during registration time and remained unexplained without giving impact to the fact that assessee has duly produce all source of the Rs. 2.14 lacs in assessment proceeding itself including affidavits of persons who paid same on behalf of the assessee. 3. On the facts and circumstances of the case Ld. CIT (A) erred in not considering reopening of the assessment as bad in law under section 148 specially on account of being borrowed reason, opening done in mechanical fashion and without application of mind and alike reasons. 4. On the facts and circumstances of the case Ld. CIT(A) erred in not considering the facts that AO has not considered the submissions of assessee made during assessment proceedings and has made same on pure assumption and presumptions and guess work being against natural justice and law. 5. On the facts and circumstances of the case Ld. CIT(A) erred in no....

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....deration for transfer of assets other than capital assets in certain cases. 43CA. (1) Where the consideration received or accruing as a result of the transfer by an assessee of an asset (other than a capital asset), being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration received or accruing as a result of such transfer: Provided that where the value adopted or assessed or assessable by the authority for the purpose of payment of stamp duty does not exceed one hundred and ten per cent of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration:] Provided further that in case of transfer of an asset, being a residential unit....

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....generality of the provisions of sub-section (1), the following incomes, shall be chargeable to income-tax under the head "Income from other sources", namely: - (vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 but before the 1st day of April, 2017, - (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; (b) any immovable property, - (i) without 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 fu....

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....determined in accordance with the method as may be prescribed; (c) "jewellery" shall have the meaning assigned to it in the Explanation to sub-clause (ii) of clause (14) of section 2; (d) "property" [means the following capital asset of the assessee, namely: -] (i) immovable property being land or building or both; (ii) shares and securities; (iii) jewellery; (iv) archaeological collections; (v) drawings; (vi) paintings; (vii) sculptures; (viii) any work of art; [or] (ix) bullion;] [(e) "relative" means, - (i) in case of an individual- (A) spouse of the individual; (B) brother or sister of the individual; (C) brother or sister of the spouse of the individual; (D) brother or sister of either of the parents of the individual; (E) any lineal ascendant or descendant of the individual; (F) any lineal ascendant or descendant of the spouse of the individual; (G) spouse of the person referred to in items (B) to (F); and (ii) in case of a Hindu undivided family, any member thereof;] (f) "Stamp duty value"....