TaxTMI 
TaxTMI 
2026 (9) TMI 862
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....ad erred, in facts and in law, in confirming the action of Assessing officer by making additions of Rs 30,40,800/- under section 56(2)(vii)(b) of the Income tax Act, 1961(the Act). 2. The learned Commissioner of Income Tax (Appeals) had erred, in facts and in law, in not appreciating that the possession of the property was not received during the relevant previous year and therefore, the provisions of section 56(2)(vii)(b) of the Act were not attracted. 3. The learned Commissioner of Income Tax (Appeals) erred in facts and in law, in upholding the addition without appreciating that income under section 56(2)(vii)(b) of the Act ought to be based on the stamp duty value on the date of agreement fixing consideration i.e. date....
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....reckoner rate on the date of registration at Rs. 1,15,36,800/-. The AO invoked the provisions of Section 56(2)(vii)(b) and added the difference of Rs. 35,65,080/- vis-à-vis the agreement value of the flat and the value determined by the Stamp Valuation Authority. The learned AR of the assessee submits that at the time of allotment, the assessee made a payment of Rs. 1,00,000/- by way of cheque drawn on Bank of Baroda. Further, within 30 days of the allotment date, the assessee paid Rs. 2548,800/-. All such amount was paid through cheque/ banking channel. In the allotment letter, all the terms and conditions of the agreement, such as flat number, area of the flat, purchase consideration and other conditions, were duly recorded, thus i....
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....nsidered the rival submissions of both the parties and perused the orders of the lower authorities. We have also gone through the various documentary evidences furnished by the assessee and the case laws relied upon by the learned AR of the assessee. We find that the assessee filed the return of income for AY 2014-15 on 29.07.2014, declaring income of Rs. 5,23,280/-. The case was selected for scrutiny. During the assessment, the Assessing Officer recorded that the assessee and his father entered into an agreement for purchase of Flat No. 1203, 12th Floor, Building No. A-2, Lok Raunak, Andheri (East), Mumbai-400059. The sale consideration in the agreement is mentioned at Rs. 84,96,000/- against the market value determined by the Stamp Valuat....
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....e difference vis-à-vis the value determined by the Stamp Valuation Authority and the value shown in the agreement to tax. 6. We find that before the learned CIT(A), the assessee filed a detailed written submission, including details of various payments made through cheques in the years 2007 and 2008, and submitted that the balance payment was made in 2008-09 or 2009-10. The assessee reiterated that he is eligible for the benefit of the proviso to Section 56(2)(vii)(b). The learned CIT(A) confirmed the action of the AO by holding that the Assessing Officer was justified in adopting the stamp duty value on the date of registration. The assessee failed to demonstrate fulfilment of the stipulated conditions of the proviso to Section 5....