2025 (9) TMI 1585

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rt), relating to the Assessment Year 2020- 21. 2. The Assessee has raised following grounds of appeal :- "1. The learned CIT (A) has erred in law and on facts in holding that the addition of Rs. 73,66,836/- made u/s. 56(2)(x)(b) of the Act is found to be on proper footing and in sustaining the same. The Id. CIT (A) has accordingly dismissed the appeal based on wrong statements that though the agreement was signed on 20-06-2013, appellant has not provided the details of payment to builder as on that date, and also the statement that the AO did not accept appellant's contentions as required documents were not produced before him. 2. The learned CIT (A) has also erred in law and on facts in ignoring the specific ground....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d also the schedule of payments (Page No. 22 to 29 of the paper-book). On page No. 30 to 32 of the paper-book, the assessee has disclosed a bank statement reflecting the payments made through the bank account. These documents/evidences are well before the Ld. CIT(A). 3.4 In this background, the provisions of Section 56(2)(x)(b) of the Act are examined. The same reads as under:- Sr. No. Date Amount (in Rs. ) 1 13.06.2013 5,00,000/- 2 21.07.2013 5,00,000/- 3 22.07.2013 5,00,000/- 4 27.11.2013 3,71,000/- (x) where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017,- (a) any sum of money, without consideration, the aggrega....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aluation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shall, as far as may be, apply in relation to the stamp duty value of such property for the purpose of this sub-clause as they apply for valuation of capital asset under those sections: [Provided also that in case of property being referred to in the second proviso to sub-section (1) of section 43CA, the provisions of sub-item (ii) of item (B) shall have effect as if for the words "ten per cent", the words "twenty per cent" had been substituted;] (c) any property, other than immovable property,- (A) without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the....