TaxTMI 
TaxTMI 
2025 (12) TMI 977
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....ort), relating to the Assessment Year 2015- 16. 2. The brief facts of the case are that the assessee is an individual and had filed the return of income for the A.Y. 2015-16 on 30.10.2015 declaring total income of Rs 11,04,230/-. The case of the assessee was selected for limited scrutiny under CASS for verifying "Large investment in property as compare to total income". The Assessing Officer has passed order u/s. 143(3) of the Act on 22.08.2017 by accepting the returned income. 2.1 Subsequently, the Principal Commissioner of Income-tax- 5, Ahmedabad passed an order u/s 263 on 20.12.2019 to revise the order u/s 143(3) dated 22.08.2017. The PCIT also observed in the order that the assessee has undervalued the property purchased to the t....
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....n 28.06.2007 is to be adopted. The assessee argument is perused and the same is not acceptable for the reason that though the assessee has entered initial agreement entered on 28.06.2007, the substantial purchase consideration was not paid as on 28.06.2007 and possession of the property was not handed over to the assessee. In the normal business parlance, the transfer of the property to take place only after paying the entire consideration and possession should be handed over. In the assessee's case, the substantial purchase consideration was not paid and the possession was not handed over, therefore, the market value as on 28.06.2007 could not be adopted. In view of the above mentioned facts and discussions, the property was transferre....
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....so shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by way of an account payee cheque or an account payee bank draft or by use of electronic clearing system through a bank account [or through such other electronic mode as may be prescribed], on or before the date of agreement for transfer of such immovable property: Provided also that where the stamp duty value of immovable property is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation 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 th....
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....e the full value of the consideration received or accruing as a result of such transfer : Provided that where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer: Provided further that the first proviso shall apply only in a case where the amount of consideration, or a part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account or through such othe....