2025 (3) TMI 1999

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....SHWAR CHIDARA (AM) :- In the above mentioned case, the appellant has taken the following effective grounds of appeal which are mentioned as under :- 1. On the facts and circumstances of the case as Rs. 10,87,860/- well as in law, the Learned CIT(A) has erred in confirming the action of the Learned Assessing Officer in making an addition of Rs. 41,18,760/- u/s 56(2)(x) of the Income Tax....

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....lue of property as per Circle Rate of the year of registration, whereas the contention of the appellant is that section 56(2)(x) of the Act should be applied by taking the value of property at the time of allotment. As the Ld. AO has taken the value of the property at the time of registration and compared the same with the sale consideration mentioned in the sale deed, a difference of Rs. 41,18,76....

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.... was also given and the same is reproduced below :- Particulars A.Y. 2018-19 A.Y. 2017-18 Ready reckoner rate 2,65,300 2,34,800 Stamp duty value 2,86,88,760 2,53,90,580 Agreement value 2,45,70,000 2,45,70,000 Diff 41,18,760 8,20,580 Diff in % 16.76 3.34 If the value of F.Y. 2016-17 is taken and computation is done section 56(2)(x) of the Act....

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....e 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 electro....