9911796707
TMI Blog2021 (9) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... the subject, the learned Commissioner of income Tax (Appeals) has erred in confirming the action of the Assessing Officer in making addition of Rs. 10,35,918/- u/s 56(2)(vii)(b)(ii) of I.T. Act on account of difference between the consideration amount paid and stamp duty value of property. 2. It is therefore prayed that the above addition confirmed by the learned Commissioner of Income Tax (Appeals) may please be deleted." 2. Brief facts of the case are that assessee is an individual and has shown income of from interior designing consultant for the year under consideration. The assessee filed his return of income for assessment year 2014-15 on 26.02.2015 declaring total income of Rs. 2,35,300/-. The case was selected for scrutiny. Duri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see along with other co-owners paid the consideration of Rs. 87.99 lakh on 28.12.2012 that is prior to 01-04-2013. The contention of the assessee was not accepted by the Assessing Officer by taking view that transfer of immovable property can be legally and lawfully transfer only in registered deed and mere agreement and agreement is not a valid mode of transfer of immovable property. Accordingly, Assessing Officer made the addition of difference of Rs. 10,35,918/-. 3. On appeal before the Ld. Commissioner of Income-tax (Appeals) [CIT(A)] the assessee filed detailed written submission and also relied on the various case law. The submission of assessee is recorded in para-7 of the order of Ld. CIT(A). In the written submissions the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and probably the agreement composition being anti date too. Further aggrieved the assessee was filed present appeal before the Tribunal. 4. We have heard the submission of Ld. Authorized Representative (AR) of the assessee and Ld. Sr. Departmental Representative (DR) for the Revenue. The ld AR for the assessee submits that at the time of execution of the agreement cum possession on 28.03.2013, the assessee has paid more than 80% of the sale consideration. The substantial transfer took place on handing over possession on 28.03.3013, the substantial part of consideration was paid through cheques. The details of all the cheuques payments are duly mentioned in the agreement date 28.03.2013. The ld AR for the assessee further submits that sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le consideration at Rs. 1.16 Crore, however, the SVA at the time of registration of sale deed valued the property at Rs. 2.9 Crore. The assessee is having 1/10 share in the said property, thereby the difference thereof (to the extent of assessee's share) was added under section 56(2)(vii)(ii) of the Income-tax Act. As recorded above the assessee filed detailed written submissions before ld CIT(A). We find that the ld CIT(A) concurred with the finding of the AO by holding that that Finance Bill, 2013 was introduced in February, 2013 and the same was amended to include cases of inadequate consideration. The amendment was widely known in February, 2013 itself. It was also held that the contention of the assessee that agreement executed prior t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration and obtained possession, the sub-clause-(ii) of clause (vii) of sub-section (2) of section 56 was not on the statue book and it was brought by way of amendment in Finance Act-2013 w.e.f. 01.04.2014 and relied on the decision of Tribunal in ACIT Vs Anala Anjibabu (supra). We find the coordinate bench of tribunal in ACIT Vs Anala Anjibabu (supra), while considering almost similar facts held as under "6.2. -----------------. Thus where any individual or Hindu Undivided Family receives any immovable property without consideration, the stamp duty value of such property required to be considered as the consideration paid and the said amount to be taxed u/s 56(2)(vii)(b) of the Act. In the instant case, as discussed earlier the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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