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TMI Blog2020 (8) TMI 511X X X X Extracts X X X X X X X X Extracts X X X X ..... re duly acknowledged by the parties in the registered agreement that earlier there was a booking of flat and the assessee paid part payment of consideration. Hence, the proviso first and second to Section 56(2)(vii) of the Act would be applicable in the case and the stamp duty valuation or the fair market value of the immovable property shall be considered as on the date of booking and payment made by the assessee towards booking of the flat. Accordingly, the orders of the authorities below are set aside and the matter is remanded to the record of the A.O. to apply the stamp duty valuation as on 10/10/2010 when the assessee booked the flat and made the part payment of consideration and consequently, if any difference being the stamp duty valuation is higher than the purchase consideration paid by the assessee, the same would be added to the income of the assessee under the provisions of Section 56(2)(vii)(b) - Appeal of the assessee is allowed for statistical purposes. - ITA No. 1106/JP/2018 - - - Dated:- 19-8-2020 - Shri Vijay Pal Rao, JM And Shri Vikram Singh Yadav, AM For the Assessee : Shri Sunil Porwal (CA) For the Revenue : Ms. Chanchal Meena (Addl.CIT) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de by the A.O. on the similar reasoning that the assessee has failed to produce the agreement with the builder at the time of booking of the flat. 5. Before us, the ld AR of the assessee has submitted that the assessee has produced the letter issued by the builder dated 16/10/2017 wherein the builder has confirmed the amount received at the time of booking through cheques and therefore, the booking itself is an agreement of purchase of the flat in question. Thus, the ld AR has submitted that once the assessee has brought on record a documentary evidence for the part payment of the purchase consideration on 10/10/2010 and 14/10/2010 through cheques and the builder has accepted the booking of the flat by the assessee on 06/09/2010 then the booking of purchase of flat coupled with the payment made by the assessee in pursuant to the booking of the flat constitute an agreement as provided U/s 56(2)(vii) of the Act. Thus, the ld AR has contended that the A.O. has wrongly adopted the stamp duty value as on the date of registration of the produced document on 16/09/2014 instead of stamp duty valuation on 06/09/2010. 6. On the other hand, the ld DR has submitted that the A.O. as well ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh cheques on 10/10/2010 and 14/10/2010 clearly established that at the time of booking, there was an agreement between the parties regarding the purchase and sale of the flat in question and payment of the purchase consideration as per the agreed schedule between the parties. Thus, even if there is no separate agreement between the parties in writing but the agreement which is registered itself shows that the terms and conditions as contained in the said agreement were agreed between the parties at the time of booking of the flat. Hence, in our considered opinion that there was an agreement between the parties regarding purchase and sale of flat in question at the time of booking of the said flat and part payment made by the assessee on 10/10/2010 through cheque and there is subsequent payment on 14/10/2010 through cheque. Thus, the booking of the flat and part payment by the assessee constitute agreement between the parties as the terms and conditions which are reduced in writing in the agreement registered on 16/09/2014 relates to the performance of both the parties right from the beginning i.e. date of booking of the flat. The provisions of Section 56(2)(vii) of the Act reads a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause ( 23C ) of section 10; or ( g ) from any trust or institution registered under section 12AA 60a [ or section 12AB ] .] Explanation. -For the purposes of this clause, relative 61 means- ( i ) spouse of the individual; ( ii ) brother or sister of the individual; ( iii ) brother or sister of the spouse of the individual; ( iv ) brother or sister of either of the parents of the individual; ( v ) any lineal ascendant or descendant of the individual; ( vi ) any lineal ascendant or descendant of the spouse of the individual; ( vii ) spouse of the person referred to in clauses ( ii ) to ( vi );] 62 [( vi ) where any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person or persons on or after the 1st day of April, 2006 63[but before the 1st day of October, 2009], the whole of the aggregate value of such sum: Provided that this clause shall not apply to any sum of money received- ( a ) from any relative; or ( b ) on the occasion of the marriage of the individual64; or ( c ) under a will or by way of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rupees, the whole of the aggregate fair market value of such property; ( ii ) for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration : Provided that where the stamp duty value of immovable property as referred to in sub-clause ( b ) is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shall, as far as may be, apply in relation to the stamp duty value of such property for the purpose of sub-clause ( b ) as they apply for valuation of capital asset under those sections : Provided further that this clause shall not apply to any sum of money or any property received- ( a ) from any relative; or ( b ) on the occasion of the marriage of the individual; or ( c ) under a will or by way of inheritance; or ( d ) in contemplation of death of the payer or donor, as the case may be; or ( e ) from any local authority as defined ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er sources. However, the first and second proviso carve out the exception for taking stamp duty value on the date of agreement prior to the date of registration if an amount of consideration or part thereof has been paid by any mode other than the cash before the date of agreement for transfer of such immovable property. Therefore, if there is an agreement between the parties, fixing the amount of consideration for transfer of immovable property prior to the date of registration and the purchaser has made the payment of consideration or part thereof before the date of that registered agreement for transfer by any mode other than cash then the value as determined for the stamp duty will be taken on the date of such earlier agreement. In the case in hand, all these facts are duly acknowledged by the parties in the registered agreement that earlier there was a booking of flat and the assessee paid part payment of consideration. Hence, the proviso first and second to Section 56(2)(vii) of the Act would be applicable in the case and the stamp duty valuation or the fair market value of the immovable property shall be considered as on the date of booking and payment made by the assessee t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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