TaxTMI 
TaxTMI 
2026 (8) TMI 554
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....00/- by cheque on 16.05.2010 to Anaika Vihar Building Construction and Developer Pvt. Ltd for the purchase of Flat. 2. That the agreement has also been executed. The copy same is enclosed 3. That the learned ACIT has taken the stamp value as on the date of registration. Actually the stamp value should be taken as on 'the date of agreement ie 16.05.2010 4. The copy of money receipts are attached 5. That stamp value is much less that the date of Registration. 6. As per sec 56 (2)(vii)(b)(vi) clearly says that when the date of agreement differs the date of registration then the date of agreement of stamp value is to be taken. In this connection I would like to draw your kind attention toward sec....
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.... of hearing, we noticed that the appeal filed by the assessee is delayed by 2 days. Before the co-ordinate bench Patna, the appeal was filed on 2nd Jan 2025. On perusal of the form no.36, it is noticed that the assessee has paid challan for filing fee on 11th December, 2024, which clearly states that there was an intention to file appeal within the due date and the delay for two days is hereby condoned and taking-up for adjudication. 3. Briefly stated facts are that the assessee filed return of income u/s 139 of the Act on 21st October, 2015, declaring an income of Rs.23,48,400/- along with audit report in form no.3CB. Later on, as per information with the income tax department it was noticed that there are certain transactions carried o....
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....d the submissions made before the ld. CIT (A) and submitted that the provisions of section 56(2)(vii)(b) of the Act, is not applicable in the present facts of the assessee since, the agreement for the purchase of the said property was made on 16th May, 2010 and on the date of agreement the assessee had paid Rs.11,000/- by cheque no. 185959/- in favour of the Angika Vihar building construction and developers Private Limited, which was cleared from the bank on 4th Jan 2010 on Central bank of India for the purchase of flat no. B101. He also submitted that the relevant provision was not in force and agreement was made earlier, the letter date the property got registered after the introduction of section well not applicable to the assessee and t....
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.... The judgement relied by the ld. Counsel of the Chennai co-ordinate bench is applicable in this case. The relevant part is as under:- 7. The next issue that came up for our consideration is additions of Rs. 28,40,000/- made u/s. 56(2)(vii) of the Income Tax Act, 1961. The facts with regard to impugned dispute are that the assessee has purchased property by entering into sale agreement on 25.07.2012 and paid advance amounting to Rs. 7,50,000/- by cheque bearing no.874436 dated 25.07.2012 drawn on Indian Bank in favour of seller. The property has been registered in favour of the assessee on 02.04.2013. At the time of registration of sale deed, guideline value of the property was more than amount of consideration paid by the assessee ....