2023 (3) TMI 1628

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....eal against the order dated 17.09.2021 passed by National Faceless Appeal Centre (NFAC), u/s 250 of the Income Tax Act 1961, in pursuance of appeal filed against assessment order dated 16.03 2021 passed u/s 143(3) r.w.s. 143(3A) & 143(3B) of the Income Tax Act 1961 Following are the grounds of appeal without prejudice to one another:- i) The learned Commissioner of Income Tax (Appeal) erred in confirming addition of income made by AO u/s 56(2)(x) of the Income Tax Act, 1961 amounting to Rs 45,41,815/- without any base and further added to the total Income under the head "Income from Other Sources" ii) The appellant craves to add, amend or alter the grounds of appeal at the time of or before the hearing of appeal." 2. Br....

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....e of booking of this flat. We have gone through page no. 190 to 210 of the paper-book no.1. It is transpired that letter of allotment was issued to the assessee on 28-02-2014 itself wherein flat no, wing and other terms and conditions of the transaction were mentioned. Assessee paid Rs. 500,000/- vide cheque no. 286191 dated 26-02-2014 drawn on ICICI Bank ltd. Thereafter assessee made payment of Rs. 24,75,816/- in FY 2013-14, Rs 59, 14,152/- in FY 2014-15 Rs. 9, 89,408/- in FY 2015-16 vide ledger account furnished on page no. 196 of the paper-book no.1. As per the allotment letter and ledger account payments were made by cheque during all the FY involved and duly reflected in the bank statement of the assessee. Payments made during the peri....

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.... (i) the amount of fifty thousand rupees; and (ii) the amount equal to [ten] per cent of the consideration: Provided that where the date of agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of agreement may be taken for the purposes of this sub-clause: Provided further that the provisions of the first proviso 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 ....

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.... vis-à-vis completion of transaction there can be a substantial time lag but the consideration and other terms and conditions do not change. In view of the above facts and proviso to both the sections, in our considered view that addition made u/s 56(2) (x) is bad in law and quite astonishing that both the authorities missed the proviso's mentioned supra. 8. In addition to above time and again various Co-ordinate Benches confirmed this position of law as under: I. Siraj Ahmed JamalBhai Bora vs ITO ITA No. 1886/M/2019 dtd. 28/10/2020, (Mum) (Trib,): II. Radha Kishan Kungwadi vs ITA Ward -1(2) ITA No. 1106/JP/2018 dtd 19/08/2020,[185ITD433(JAIPUR-TRIB)] III. Sanjay Dattatraya dapodikar vs ITO Ward-6(2), Pu....