TaxTMI 
TaxTMI 
2026 (9) TMI 856
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....2025 and 06.10.2025 for the assessment year (AY) 2018-19 pursuant to the directions issued by the Dispute Resolution Panel- 3, Mumbai-2 (DRP) vide order u/s 144C(5) dated 24.07.2025 and 29.09.2025 respectively. Since the facts and grounds are similar, with the consent of both parties, the appeals were clubbed and heard together and a common order is being passed for the sake of convenience and brevity. ITA No.9189/Mum/2025 (AY: 2018-19) is taken as the "lead case." 2. The grounds of appeal raised by the assessee in ITA No.9188/Mum/2025 (AY 2018-19) are as under: "1. The learned DRP/ITO erred in confirming the addition of Rs. 67,29,000/- 2.The learned DRP/ITO erred in considering purchase cost Instead of Rs. 1,05,89,696/....
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....justice being done because of a non-deliberate delay, we condone the delay. 5. Facts of the case, in brief, are that the assessee filed return of income for AY 2018-19 declaring total income of Rs. 46,28,970/-. The original assessment order u/s 143(3) was passed on 26.04.2021 accepting the returned income of Rs. 46,28,970/-. The assessee had originally booked Flat No. 503, B-Wing, Rapid Jewel Building, Khopoli, with M/s Parkview Developers on 25.01.2012 for a consideration of Rs. 8,50,000/-. The builder failed to complete the said project. Subsequently, the assessee was allotted Flat No. 2005, Maimoon Tower, Byculla, Mumbai, in lieu of the original flat. The said alternate flat was registered on 18.05.2017 for a consideration of Rs. 1,03....
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.... by the order of AO u/s 144 r.w.s. 144C(13) of the Act, the assessee filed appeal before the Tribunal. The Ld. AR of the assessee has filed paper book enclosing the following details and documents (1) allotment letter dated 25/1/2012 for Flat no. 401 at Khopoli; (2) details of payment for old property at Khopoli & new flat at Byculla; (3) agreement dated 18/5/2017 for purchase of flat No. 2005 at Byculla; (4) allotment letter dated 4/4/2017 for flat No. 2005 at in lieu of flat at Khapoli for market price of Rs. 1,03,60,000/- as on FY 2011/12; (5) MOU dated 20/12/2014 for exchange of flat from Khopoli to Byculla; (6) reply dated 15/7/2025 filed with DRP-III; (7) reply dated 12/11....
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....unt payee cheques in April, 2015. 7. On the other hand, the Ld. AR relied on the decision of the AO and DRP. He submitted that the transactions for purchase of the properties at Khapoli and Byculla are separate transactions and the booking date for Khapoli flat cannot be considered for adopting the stamp duty value (SDV). Since, the assessee booked a separate flat at a different location, the value on the registration date should be adopted for making addition u/s 56(2)(x) of the Act. 8. We have heard both sides and perused the materials on record. We have also gone through the allotment letters for Flat No.401 at Khapoli and Flat No.205 at Maimoon Tower, Byculla, Mumbai. The DRP after discussing various decisions of Hon'ble Supreme C....
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.... chargeable to income-tax under the head "Income from other sources", namely :- ...... (x) where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017,- ...... (b) any immovable property, - (A)..... (B) for a consideration, the stamp duty value of such property as exceeds such consideration, if the amount of such excess is more than the higher of the following amounts, namely:- (i) the amount of fifty thousand rupees; and (ii) the amount equal to five per cent. of the consideration: Provided that where the date of agreement fixing the amount of consideration for the transfer of immovable property and the date of ....