2025 (7) TMI 1110

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....1, date of order 23/02/2024. The impugned order emanated from the order of the Assessment Unit, Income-tax Department [hereinafter called, 'Ld. AO] passed under section 143(3) read with section 144B of the Act, date of order 23/09/2022. 2. The brief facts of the case are that the assessee filed the return of income under section 139(1) and declared taxable income amounting to Rs. 61,65,790/- from professional fees and Income from other sources. The case was selected for scrutiny through CASS and accordingly, the assessment was completed after making addition under section 56(2)(x) of the Act towards difference in set-forth value and the value adopted by the Registrar on purchase of property amount to Rs. 81,13,509/- with the total income....

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....an appeal before us. 3. The Ld.AR filed a paper book containing pages 1 to 106 which is kept on record. The Ld.AR submitted that in the said Sale Deed sale consideration was decided Rs. 47,50,000/- which Mr. & Mrs. Qureshi directly paid to the MHADA Rs. 43,26,000/- through banking channel and Rs. 4,24,000 paid to the Bhuvenshwar Sharma towards Allotment Letter. Details of which is as under. Cheque No. Cheque Date Bank State Entry Narration / our Remarks Account Holder Amount 169401 19/12/2013 PO FVG MHADB A/c NO.20045300843 Ayub Qureshi 10,81,500 154819 19/12/2013 PO FVG MHADB A/c No.20045300843 Ayub Qureshi 15,44,500 169402 19/12/2013 PO FVG MHADB A/c No.20045300843 Ayub Qureshi ....

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....he year 2020-21 for the property purchased in the assessment year 2013-14 is violation of provisions of income tax laws. As per sale agreement dated 07/01/2014 full value consideration of property was paid in December 2013 and custody of the same has been taken in January 2014 and thus in reality the property was purchased in the financial year 2013-14 but the property was MHADA property and therefore it was not possible to get it transfer in own name before completion of 5 year and therefore registration of the same has been done in the year 2019-20 that is after completion of 5 year. The assessee has taken the possession of property during the financial year 2013-14. Assessee has paid society admission fees, society share capital fees ....

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....eque dated 25.01.2014. The initial payment by the assessee was made on 19.12.2013, and it is also noted that the said property was jointly purchased by the assessee and his wife. In light of the above, the provisions of section 56(2)(x) of the Act are squarely applicable. The relevant portion of the provision reads as under: "Provided that where the date of 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 agreement may be taken for the purposes of this sub-clause : Provided further that the provisions of the first proviso shall apply only in a case where the amount of consideration referred to therein, or a....