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TMI Blog2022 (9) TMI 335X X X X Extracts X X X X X X X X Extracts X X X X ..... payment schedule and thereafter on 1.9.2011 the said agreement took place between M/s. Ideal Real Estate P. Ltd. others and assessee showing sale consideration - As per payment schedule the assessee made first payment on 24-3-2011 through bank by a/c payee cheque of Rs. 1 lakh and subsequently payment was made on various occasions during the financial years 2011-12, 2012-13 and 2013-14. Therefore, it remains an uncontroverted fact that the immovable property in question was agreed to be purchased vide agreement dt. 01-09-2011 and part consideration was paid by account payee cheque before the date of agreement, and, therefore, the value as per stamp valuation authority as on the date of agreement (01.09.2011) should have been taken for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax (Appeals) erred in sustaining addition of Rs. 11,78,985/- u/s. 56(2)(vii)(b) being the difference between the stamp duty value and agreement value of the property without recognizing the fact that the applied section is applicable to the properties purchased in and after A.Y. 2014-15. The applied section is not applicable in case of appellant assessee. 2. THAT the Ld. Commissioner of Income Tax (Appeals) erred in not recognizing the documents submitted with respect to the fair market value of the property adjacent to impugned property of the assessee. 3. The Appellant prays the honour that the addition of Rs. 11,78,895/- made in respect of sec. 56(2)(vii)(b) be deleted. 4. The Appellant craves leave to add to, alter, to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the assessee vehemently argued referring to the written submissions filed before the Ld. CIT(A) and also took us through the paper book containing 102 pages stating that allotment letter dated 21.3.2011 and Agreement dated 01-09-2011 prove that the flat was booked and purchase consideration was agreed by both the parties (seller/purchaser) on 01.09.2011 itself and the flat was handed over vide deed of conveyance dt. 25.10.2013 and therefore, the stamp duty value of the property as on 01-09-2011 should be accepted/adopted. Reference was also given to the deed of conveyance dt. 14.6.2011 evidencing the fair market value (FMV) of the adjacent property so as to prove that the fair market value of the property purchased in question is at par w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of this sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration refer-red to therein, or a part thereof, has been paid by any mode other than cash on or before date of the agreement for the transfer of such immovable property;] 8. From perusal of proviso to section 56(2)(vii)(b) of the Act, we find that in case the date of agreement fixing amount for consideration for the transfer of immovable property and the actual date of registration of the property are not the same, then the stamp duty value on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he date of agreement (01.09.2011) should have been taken for the purpose of computing the fair market value (FMV) of the property as contemplated in section 56(2)(vii)(b) of the Act. Since it is not in dispute before us that as on 1.9.2011 the value of said property as per stamp valuation authority is not more than the purchase consideration shown in the agreement at Rs. 39,05,550/-, we are of the view that no addition should have been made by the Ld. AO in the hands of the assessee u/s. 56(2)(vii)(b) of the Act. We, therefore, reverse the finding of the Ld. CIT(A) and delete the addition of Rs. 11,78,985/-. Thus, effective grounds raised by the assessee are allowed. 10. In the result, the appeal of the assessee is allowed. The order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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