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TMI Blog2022 (10) TMI 718X X X X Extracts X X X X X X X X Extracts X X X X ..... y an amount exceeding Rs.50,000/-. As noted that the stamp duty defined as per Explanation F to section 56(2)(vii) commence a definition of the expression stamp duty value so as to mean the value adopted or assessed or assessable by authority of the Central Government or State Government for the purpose of payment of stamp duty in respect of an immovable property. It means that the true value of the property or the asset and what should have been the consideration i.e., the fair market value of the property is to be considered for the purpose of considering the provisions of section 56(2)(vii)(b)(ii). In the present case, admitted position is that the Government of Tamil Nadu i.e., Inspector General of Registration has reduced th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment year 2015-16 u/s.143(3) of the Income Tax Act, 1961 (hereinafter the Act ) vide order dated 30.12.2017. 2. The only issue in this appeal of assessee is as regards to the order of CIT(A) confirming the addition made by the AO to the extent of Rs.98.20 lakhs u/s.56(2)(vii)(b)(ii) of the Act on account of alleged difference between the value fixed by the stamp duty authorities on the sale deed registered and the sale consideration recorded in the sale deed. 3. Brief facts are that the assessee has purchased three properties and the details in regard to address of property, value / consideration noted in the documents i.e., sale deed and the value determined by stamp valuation authority is as under:- Doc. No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO at Rs.85 lakhs while making addition u/s.56(2)(vii)(b)(ii) of the Act, thereby the CIT(A) partly raised the purchase consideration as explained to the extent of Rs.65 lakhs and deleted the addition and differential amount was retained to the extent of Rs.98.20 lakhs. Thereby the CIT(A) sustained the addition to the extent of Rs.98.20 lakhs under the head income from other sources u/s.56(2)(vii)(b)(ii) of the Act. Aggrieved, assessee is in appeal before the Tribunal. 5. We have heard rival contentions and gone through facts and circumstances of the case. We noted that the assessee has paid consideration of Rs.1.5 crores for purchase of the above property. We noticed from the orders of the authorities below that the total purchase co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Valuation and guideline value was reduced from 3000 per square feet to 2010 per square feet vide revised guideline value as per the notification issued by Inspector General of Registration, Tamil Nadu and this is available on the website of the State Registration Department. The assessee has submitted a comparative guideline value as on 2015 relates to assessment year 2015-16, which was revised downward vide guideline value from 2017 and the comparative details filed by assessee s counsel reads as under:- Doc. No. Date Guideline value as on 2015 Guideline value as on 2017 Regd. Value Sale deed 1069/2015 12.02.2015 2660 Sq.ft. Rs.79 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the revised guideline value which is downward revision should be considered for the purpose of valuation of the property for making assessment u/s.56(2)(vii)(b)(ii) of the Act. We are of the view that for the purpose of making addition u/s.56(2)(vii)(b)(ii) of the Act, is the stamp duty value of said property in excess of Rs.50,000/- is to be assessed as income from other sources i.e., consideration which is less than the stamp duty value of the property by an amount exceeding Rs.50,000/-. It is to be noted that the stamp duty defined as per Explanation F to section 56(2)(vii) commence a definition of the expression stamp duty value so as to mean the value adopted or assessed or assessable by authority of the Central Government or Stat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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