TaxTMI 
TaxTMI 
2026 (5) TMI 1066
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....utory notice u/s 148, dated 28.03.2021 was issued by the AO to the assessee, and in response thereof the assessee filed return of income on 24.04.2021 u/s 148 declaring income of Rs. 7,88,650/-. Statutory notices u/s/ 143(2) and 142(1) were issued to the assessee by the AO during the course of reassessment proceedings, and the assessee participated in the reassessment proceedings. The assessee during the course of reassessment proceedings submitted that the assessee's share in the property is only 50% share, and the remaining 50% share is held by his wife Mrs. Gurpreet Kaur Sandhu. The assessee submitted that the property was purchased on 26.06.2017 situated at DDA LIG Flat No.195, 3rd Floor, GH-1, Sanskriti Apartments, Sector-28, Rohini, Delhi-110042 having area (plinth) of 42.00 sqm in more than four story building used for residential purposes. It was submitted that the property have been purchased for the total consideration of Rs. 21,65,000/- over which stamp duty of Rs. 1,84,500 was paid. It was submitted that stamp duty value of the property is Rs. 36,89,280/- The assessee filed before the AO, a copy of sale deed. The assessee also submitted before the AO that the assessee h....
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....instances of the similar property wherein the property in the same area in nearby locality were sold below stamp duty. The assessee submitted details of such instance of properties sold in the nearby area as under: S. No. Date of Registry Address of Property Area of Property (In sq. meter) Stamp Duty Value (In Rs.) Purchase Consideration(In Rs. ) 1 12.07.2016 1188, 1st Floor, Pocket GH 1, Sector 28, Rohini, New Delhi 42 37,00,000 25,00,000 2. 03.12.2016 211, 2nd Floor, Pocket GH 1, Sector 28, Rohini, New Delhi 42 37,00,000 21,00,000 3. 03.05.2018 1320, 4th Floor, Pocket GH 1, Sector 28, Rohini, New Delhi 42 36,90,000 21,75,000 4. 27.09.2019 1090, 2nd Floor, Pocket GH 4, Sector 28, Rohini, New Delhi 42 36,90,000 20,00,000 The assessee submitted before the Ld. CIT(A) that the details of similar properties sold in the near by area in the same locality demonstrate that in these cases also consideration paid is less than the stamp duty value, which as per the assessee clearly demonstrate that there is no under valuation by the assessee in purchase of the aforesaid property. The assessee also fil....
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....stated by ld. Counsel for the assessee that the assessee is co-owner with 50% ownership undivided rights while the remaining 50% ownership undivided rights in the said property are with his wife namely Mrs. Gurpreet Kaur Sandhu. It was submitted that the sale transactions with respect to similar properties in the near by locality during the same period was almost close to the sale consideration paid by the assessee, while value as adopted by Stamp duty authorities were much higher. My attention was drawn to the copies of sale deed's filed by the assessee for similar properties in the nearby locality, which are placed in paper book/page 19-64. My attention was also drawn to the valuation report dated 03.02.2022 prepared by Er. H L Gupta, 9/77, Sector -3, Rajinder Nagara, Sahibabad, Ghaziabad, U.P. wherein this flat is valued by the aforesaid registered valuer at Rs. 21,69,000/- as on 01.07.2016(placed in paper book at page 65-68). The assessee has also placed on record copy of certificate issued by Gupta Properties dated 02.02.2022 wherein it is certified that the market price of the properties in Sector 28 &29 covered under Pin Code 110042 in financial year 2015-16 were less than t....
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.....2016 with Sub Registrar VIE, New Delhi- Registration No. 796 in Book No 1 Vol No. 29. Thus, the property was duly conveyed under Registration Act, 1908 in the financial year 2016-17 i.e. during the impugned assessment year 2017-18.Thus, the assessee received the property after execution of sale deed on 27.07.2016 The copy of sale deed registered on 27.07.2016 (Sub Registrar VIE, New Delhi- Registration No. 796 in Book No 1 Vol No. 29) is filed, placed in paper book/page 2-13.I have observed that the AO has invoked provisions of Section 56(2)(x) of the 1961 Act and brought to tax difference between the sale consideration and the stamp duty value. The ld. CIT(A) has confirmed the additions and dismissed the appeal filed by the assessee. I have observed that Section 56(2)(x) was introduced by Finance Act, 2017 w.e.f. 01.04.2017. The Section itself stipulates that " where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017- *** *** ***" The language of the Section is very clear that it will be applicable when any person receives from any person or persons on or after the 1st day of April, 2017, inter-alia, any immova....