2024 (12) TMI 1782

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....ion of the Ld. CIT(A) in confirming the addition of Rs. 50.06 lakhs made by the AO u/s. 56(2)(vii)(b)(ii) of the Income Tax Act, 1961 ("the Act"). 2. The facts relating to the case are stated in brief. The AO noticed that the assessee has purchased a Flat No. A-1002 in the apartment, named, Harmony, located at Mahavir Nagar, Kandivli (West), Mumbai from M/s. Saroj Sales Organisation on 01-09-2016.The AO noticed that the stamp duty value of the flat on the date of registration was Rs. 1,05,42,000/-, while the purchase consideration was shown as Rs. 55,35,750/-. Hence, the AO proposed to assess the difference between the stamp duty value and purchase consideration as income of the assessee u/s. 56(2)(vii)(b)(ii) of the Act. The assessee ex....

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....ition u/s 56(2)(vii)(b) is called for. Even though the stamp duty value was Rs. 1,05,42,000/- as on the date of registration of the purchase agreement, the same should not be considered in the facts of the case, as the assessee would be covered by the provisos to the above said section. The Ld.AR submitted that the allotment letter specifies the terms and conditions of purchase of the flat and hence the same should be considered as the agreement mentioned in the proviso to section 56(2)(vii)(b)(ii) of the Act. He submitted that the Co-ordinate Benches of the Tribunal, in the following cases, have held that the allotment letter should be considered as agreement referred to in first and second proviso to section 56(2)(vii)(b)(ii) of the Act a....

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....housand rupees, the stamp duty value of such property; (ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration: Provided that where the date of the 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 the agreement may be taken for the purposes of this sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date o....