2026 (2) TMI 90

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....evenue : Shri Ajay Kumar Arora, Sr. DR ORDER PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.2292/Del/2025 for AY 2017-18, arise out of the order of the ld National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as 'ld. CIT(A)', in short] dated 25.02.2025 against the order of assessment passed u/s 147 r.w.s. 144 r.w.s. 144B of the Income-tax Act, 1961 (hereinafter referre....

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.... Delhi to the tune of Rs. 49 lakhs and the stamp duty value of this property stood at Rs. 52,32,960. The learned AO recorded reasons that a sum of Rs. 3,32,960 being the differential consideration had escaped assessment in terms of Section 56(2)(vii)(b) of the Act and issued notice under Section 148 of the Act on 29-07-2022 after taking approval from the competent authority under Section 151 of th....

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.... 4. We find that the differential consideration of Rs. 3,32,960 is within the 10 percent tolerance limit prescribed in the Proviso to Section 56(2)(x) of the Act. It is pertinent to note that the provisions of Section 56(2)(x) of the Act was introduced only from 1-4-2017. We are conscious of the fact that provisions of section 56(2)(x) was introduced from 1.4.2017 and that the fourth proviso th....

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....ive from date on which section 50C of the Act itself was introduced, i.e 01-04- 2003. Though this decision was rendered in the context of section 50C which is applicable to seller of property, the same analogy would be applicable for the buyer of the property in terms of section 56(2)(vii)(b) of the Act. Hence respectfully following the said decision and also considering the fact that in the insta....