2025 (7) TMI 1096

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....nivasagam, JCIT ORDER PER JAGADISH, A.M : Aforesaid appeal filed by the assessee for Assessment Year (AY) 2016-17 arises out of the order of Learned Commissioner of Income Tax (NFAC), Delhi [hereinafter "CIT(A)"] dated 27.01.2025 in the matter of assessment framed by the Assessing Officer [AO] u/s. 147 r.w.s 144B of the Income-tax Act,1961 (hereinafter "the Act") on 31.03.2022. 2. The assessee....

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.... the Act and made addition of Rs. 16,55,642/-. On appeal, the Ld. CIT(A) confirmed the addition. 3. Before us, the Ld. Authorized Representative (A.R) of the assessee has submitted that the assessee has paid of Rs. 1 Lakh by way account payee cheque on 08.10.2009 and has entered into agreement on 20.10.2011, whereby sale consideration was fixed, therefore the A.O was required to check value as on....

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....ving made payment by account payee cheque on 08.10.2009. The consideration was fixed in the agreement dated 20.10.2011. As per the proviso to section 56(2)(vii)(b) of the Act, where the date of the agreement fixing the amount of consideration and the date of registration are not the same, the stamp duty value on the date of the agreement may be considered, provided part of the consideration has be....

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....transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement maybe taken for the purpose of this provision. Admittedly, the agreement fixing the consideration was entered into on 21-6-2022 fixing the value of Rs. 1.82 crores and the sale deed was registered on 13-8-2013. Prescription of the second proviso is admittedly fulfilled in....