2026 (9) TMI 842

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....case are that, Assessee entered into a registered agreement sell on 22.01.2021 for purchase of immovable property, wherein the Vender therein have agreed to sell the immovable property for total sale consideration of Rs. 1,23,51,430/-. The Assessee entered into Registered deed of conveyance on 18.09.2023 for the very same agreed sale consideration of Rs. 1,23,51,430/-. The case of the Assessee was selected for scrutiny under CASS. An Assessment order came to be passed on 20.12.2025 by making addition of Rs. 11,35,660/-, observing that there is a difference in the stamp duty value of property, as the circle rate of the property is Rs. 1,46,22,750/- and Assessee being co-purchases, purchased the property by showing sale consideration at Rs. 1....

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....30/-, which is lesser than the circle value of the property, therefore, Assessee share of 50% of Rs. 11,35,660/- has been rightly considered as the income from other sources u/s 56(2)(x) of the Act. Thus, relying on the orders of the Lower Authorities, sought for dismissal of the Appeal. 5. We have heard the parties and perused the material available on record. It is evident from the registered agreement sale entered into by the Assessee along with her husband as purchaser with the vendor M/s Crescent Vanijya Private Limited, therein agreed to execute the sale deed for total sale consideration of Rs. 1,23,51,430/-. The said sale consideration mentioned in the sale agreement was per the then prevailing market value/ circle rate. The Asses....

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....uch immovable property. For the sake of ready reference, the provisions of Section 56(2)(x) of the Act is reproduced as under:- "56(2)(x) where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017,- (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; (b) any immovable property,- (A) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; [(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 hi....