9911796707
TMI Blog2021 (10) TMI 865X X X X Extracts X X X X X X X X Extracts X X X X ..... actual plot as per Stamp Valuation Authority (SVA), thus, concurred with the finding of the AO. We find that the AO made addition without verifying the facts either from the seller about the receipt of excess sale consideration. As assessee specifically stated before the lower authorities that he has paid 1% additional stamp duty on in accordance with the regulation of State Government and the additional stamp duty is levied to recover a loss of revenue which the State Government has to suffer on portion of land used in road and other amenities provided by the land organiser, which does not form part of sale consideration. The payment of additional stamp duty is outside the purview of valuation of asset, it has no bearing or impact on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he grounds of appeal at the time of hearing the appeal. 2. Initially this appeal was filed by the assessee on 11.04.2018. During the pendency of appeal, the assessee died on 26.09.2018. The legal representative (LR s) of the assessee furnished fresh Form-36 substituting them as LR s of assessee. Fresh From-36 is taken on record. 3. Brief facts of the case are that assessee filed his return of income for assessment year (AR) 2014-15 on 19.08.2014, declaring income of ₹ 14,57,476/-. The case was selected for scrutiny. During the assessment, the Assessing Officer (AO) noted that assessee purchased immovable property in Block No. 17 Village Kasbe, Sub-division Bardoli, District Surat for a consideration of ₹ 46 lakhs excludi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the actual market rate to be paid by the buyer which obviously very with the Jantri rate. (iii) Thirdly, the Jantri rates are decided with an understanding that al lands have access to the main approach road developed by the urban authority which is not always correct and (iv) Fourthly, settlement of purchase cost in cash without disclosing them in the purchase document arises only when the buyer has got windfall source of income in cash outside the books of accounts which he needs to have safe disposal without coming into the scanner of tax authority. 4. The reply of the assessee was not accepted by the AO by taking view that if any immovable property for a consideration which is less than the stamp value of property exceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eed and /or it is not established from the document that the recorded consideration is the market value of actual plot as per Stamp Valuation Authority (SVA), and, concurred with the finding of the AO. Further aggrieved, the assessee has filed present appeal before this Tribunal. 6. We have heard the submission of the ld. Authorised Representative (AR) of the assessee and ld. Senior Departmental Representative (Sr.DR) for the Revenue. The ld.AR of the assessee submits that assessee purchased the residential house at Bardoli District of Surat for a consideration of rupees 46 lakhs. The assessee paid requisite stamp duty @ 4.9% + additional 1% of consideration thereby total of ₹ 2,71,500/- as against ₹ 2,25,200/- being 4.9% pai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 56(2)(b)(vii) is to be complied strictly. 7. On the other hand, the ld.Sr.DR for the revenue relied upon the order of the ld.CIT(A). The Ld.Sr.DR for the Revenue submits that all the submissions raised by the Ld.AR for assessee has been considered by the Ld.CIT(A). 8. We have considered the rival submission of both the parties and have gone through the orders of authorities below. We find that during the assessment the AO noted that the assessee has made the payment of additional stamp value of ₹ 2,71,500/- lakhs instead of ₹ 2,25,00/-. The AO on the basis of the paid stamp value worked out the value of the property at ₹ 55 lakhs in place of ₹ 46 lakhs shown by the assessee. On the basis of his reworked sale ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... verifying the facts either from the seller about the receipt of excess sale consideration. We further find that the assessee specifically stated before the lower authorities that he has paid 1% additional stamp duty on in accordance with the regulation of State Government and the additional stamp duty is levied to recover a loss of revenue which the State Government has to suffer on portion of land used in road and other amenities provided by the land organiser, which does not form part of sale consideration. The payment of additional stamp duty is outside the purview of valuation of asset, it has no bearing or impact on the market value of property assessed by the Stamp Valuation Authority. The AO and the ld. CIT(A) has not made any effort ..... X X X X Extracts X X X X X X X X Extracts X X X X
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