2026 (1) TMI 413

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....the National e- Assessment Centre, Delhi (for brevity, 'the Ld.AO') order passed u/s 143(3) r.w.s. 143(3A) and 143(3B) of the Act, date of order 10/04/2021. 2. The brief facts of the case are that the assessee individual capacity filed the return. During the impugned assessment year assessee with the joint ownership with her husband booked flat for A.Y. 2016-17 through a letter of allotment dated 21.04.2016 issued by the Builder, "M/s. Tridhhaatu Construction Pvt. Ltd". The agreement of sale was duly registered on 23.08.2017 and the stamp duty valuation of the property was taken by the Ld. AO for F.Y. 2017-18 related AY 2018-19. The assessee has booked the flat by paying the account pay cheque and transaction made through banking channel....

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....6-17. The copy of the allotment letter is annexed in APB page 71 to 73. He further stated that the details calculation of ready reckoner value amount to Rs. 4,19,98,028/- for 2016 was duly submitted before the Ld. AO and copy of the letter is annexed in APB page 129 to 130. He further stated that the agreement of sale was duly executed in impugned assessment year but the assessee had made the entire payment through banking channel during allotement of the said flat. So, the value of the falt is applicable only related to the assessment year 2017-18. 4. He further argued that entire issue was duly submitted before the revenue authorities. The Ld. AO has taken note the assessee's submission in the impugned assessment order. The relevant pa....

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....r value of Rs. 4,50,00,000/-. The contention of the assessee cannot be accepted, as the letter of offer/allotment cannot be construed to mean the agreement to sale. The 1st proviso is clear that the stamp duty value has to be that as on the date of agreement and not on the date of allotment. Accordingly, the assessee is squarely struck by the provisions of section 56(2)(x) for an amount of 2,70,970/-. In view of the above mentioned factual and legal position, an amount of Rs. 2,70,970/- 50% of Rs. 5,55,939/- is deemed to be income of the assessee as per provisions under section 56(2)(x) of the I.T. Act, 1961. Accordingly, addition of Rs. 2,70,970/- made to the total income of the assessee." 5. The Ld. DR argued and stands in fav....

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....o be adopted as on the date of allotment, i.e., Financial Year 2016-17. On perusal of the ready-reckoner value applicable for F.Y. 2016-17, it is observed that the stamp-duty valuation of the property was Rs. 4,19,98,028/-, whereas the actual purchase consideration paid by the assessee was Rs. 4,50,00,000/-, which is significantly higher than the ready-reckoner value. Consequently, the addition of Rs. 2,70,970/- being 50% of Rs. 5,55,939/- representing the difference between the stated consideration and the stamp-duty valuation, is unsustainable in the impugned assessment year. It is an undisputed fact that the assessee purchased the flat jointly with her husband for a total consideration of Rs. 4,50,00,000/-. The stamp-duty valuation of....