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TMI Blog2023 (8) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... 10.05.2013 and AO as well as the CIT(A) was not right in making reverse calculation for arriving at the stamp duty valuation by applying stamp duty rate @ 4.9% as the provisions of Section 50C does not empower AO to work out stamp duty valuation by making reverse calculation - HELD THAT:- The registered banakhat agreement with M/s. Durga Ricol Industries Pvt. Ltd. dated 24.09.2010 and the order passed by the Deputy Collector, Dholka and Mamlatdar, Sanand dated 24.02.2011 and 17.02.2011 clearly set out the position of the assessee and its co-owners in respect of the Survey No. 139, 140, 141 and 142. Clearance from GIIC and PF Department entry also highlights that the agreement for purchase of property in question was actually entered into w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as erred in making addition of Rs. 1,63,776/- u/s 56(2)(vii)(b)(ii) of the Act, 1961 and Ld. CIT(A) has erred in confirming the same even though it was brought to their notice that the agreement for purchase of property in question was actually entered in to with the seller on 10/06/2010 and stamp duty value has to be reckoned from the date of agreement for purchase of property and not from the date of registration as provided in the law. 2. Both the Ld. A.O. and Ld. CIT(A) has erred in not considering (rather overlooked) the crucial part of the submission dated 02/12/2016 (vide para-8 9 annexure-5 6) establishing the inclusion of survey no. 140/1,140/2 and 140/3 by way of reconveyance deed and declaration in favour of the appellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the law where payments for purchase of property over and above the documents value (registration amount) has not been proved/established by the A.O. (d) The Ld. A.O. has erred in making the addition of Rs. 2,18,368/- for the year under consideration in the hands of the assessee without taking cognizance of first proviso to section 56(2)(vii) r.w.s. 50C(2) of the IT Act, where the purchaser also has right to refer the matter to the Valuation Officer in case stamp duty valuation is not acceptable to him. The assessee has also taken an additional ground which reads as under:- 4. The Ld. A.O. has erred in applying the provisions of section 56(2)(vii)(b)(ii) of the Income Tax Act,1961 in case of encumbered property even thoug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 140/3 as the same was executed between Sanjay Singh Chandrikapratap Singh and Shri Natwarlal Prabhudas Patel and five others. The Assessing Officer, therefore, made addition of Rs.1,63,776/- under Section 56(2)(vii)(b)(ii) of the Act. 5. Being aggrieved by the assessment order, assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. 6. The learned AR submitted that the agreement for sale in respect of Survey No. 140/1, 140/2 and 140/3 was clearly mentioned in the agreement/re-conveyance deed executed on 23.06.2010 and, therefore, the stamp duty valuation of the said property prevailing on 23.06.2010 should have been adopted by the Assessing Officer as done in one of the co-owners i.e. Shri Ashok N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yance Deed registered on 23.08.2010 all these documents are in consonance with Survey No. 139 to 142. Merely there was a difference of transaction in respect of Survey No. 140/1, 140/2 and 140/3 which has a separate banakhat in between the parties, that are M/s. Durga Ricol Industries Pvt. Ltd. and Sanjay Singh Chandrikapratap Singh, cannot be said that the deal was not finalized in respect of all these properties in the name of the assessee and its co-owners as well. In fact, the registered banakhat agreement with M/s. Durga Ricol Industries Pvt. Ltd. dated 24.09.2010 and the order passed by the Deputy Collector, Dholka and Mamlatdar, Sanand dated 24.02.2011 and 17.02.2011 clearly set out the position of the assessee and its co-owners in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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