2026 (5) TMI 40

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....0,000/- was paid before registration in AY 2018-19 and the mode of payment was through banking channel. 2. The terms and conditions and details of Flat No. 1202, Palladium and was also mentioned in the letter of allotment which was overlooked by the commissioner appeals. Also it was mentioned during assessment, that share of assessee is only 25%; (50% owned by father and 25% owned by mother). Hence addition of 1/3'd share is also not correct. 3. On the facts and in law, the learned CIT (A) erred in confirming the assessment passed by the assessing officer, disregarding evidence of actual contribution / payments and thereby sustaining an unjustified addition. 4. The appellant craves leave to add, alter, amend o....

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....ideration and that only registration of the document was carried out. 2.4. The Ld. CIT(A), however, after considering the submissions of the assessee, observed and held as under: "5.0 I have carefully considered the assessment order, the grounds of appeal and the appellant's statement of facts along with the written submission filed. The appellant's claim is that the flat was booked in F.Y. 2015-16 and that the allotment letter issued during that period contains the details of consideration; hence, the stamp duty value applicable on the date of booking should be adopted by virtue of the proviso to section 56(2)(x) of the Income-tax Act, 1961. However, the benefit of the proviso is available only where a legally enforceab....

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....sser share is rejected as the sale deed does not specify individual shares, and all payment receipts include the names of all three co-owners. In the absence of any legally enforceable document allocating differential shares, the appellant's share is correctly taken as one-third." Aggrieved by the order of the Ld. CIT(A), the assessee is in appeal before the Tribunal. 3. The Ld. AR submitted that the allotment letter was issued to the assessee by the builder on 06/09/2015, wherein the total consideration of the said flat was agreed at Rs.1.50 crores. The allotment letter also states that a sum of Rs.10,00,000/- had already been paid by cheque as earnest money towards purchase of the flat. The bank statement evidencing such payment has....

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....llotment letter. These evidences, which go to the root of the matter, have not been properly appreciated by the authorities below. 4.1. The issue for consideration is whether the stamp duty value as on the date of registration can be adopted for the purposes of section 56(2)(x) of the Act, or whether the consideration agreed at the time of allotment is to be considered in terms of the provisos to the said section. The provisos to section 56(2)(x) clearly provide that where the date of agreement fixing the amount of consideration and the date of registration are not the same, the stamp duty value as on the date of agreement may be adopted, provided the consideration, or a part thereof, has been paid by way of account payee cheque or other....