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TMI Blog2023 (12) TMI 579X X X X Extracts X X X X X X X X Extracts X X X X ..... he date of registration are not the same, the Stamp Duty value on date of agreement may be taken for the purpose of this clause provided that the amount of consideration has been paid by any mode other than cash on or before the date of agreement for the transfer of such immovable property. HELD THAT:- As per proviso to section 56(2)(vii)(b) where the date of agreement fixing amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of agreement may be taken for the purpose of the aforesaid provision, provided on or before a part of the consideration has been paid by any mode other than cash. As perused the decision of POONAM RAMESH SAHAJWANI [ 2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i. Ramesh Iyer For the Respondent : Shri. Ajay Singh ORDER PER AMARJIT SINGH :- 1. The present appeal filed by the assessee is directed against the order passed u/s 250 of the Income Tax Act, 1961 ([hereinafter the Act ] by the Learned Commissioner of Income Tax (Appeals)- 40 [hereinafter the CIT(A) ] dated 25.05.2023 for A.Y 2015-16. 2. The grounds of appeal of the assessee as following as under: 1. The Ld. CIT(Appeals) (NFAC) has erred in confirming the addition made by the Ld. AO u/s 56(2)(vii)(b) amounting to Rs. 24,33,350/- 2. The Ld. CIT(Appeals ((NFAC) has erred in denying the benefit of Section 56(2)(vii) (b) by stating that Letter of Allotment is not a registered sale deed and thus cannot be consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the transfer of immovable property and the date of registration are not the same, the Stamp Duty value on date of agreement may be taken for the purpose of this clause provided that the amount of consideration has been paid by any mode other than cash on or before the date of agreement for the transfer of such immovable property. In the case of the assessee the date of the agreement was 16.12.2010 whereas purchase deed was registered on 29.12.2014. The first payment of ₹ 1 lacs through banking channel has been made on 18.10.2010 by the husband of the assessee. However, the AO has not agreed with the submission of the assessee and stated that since the property was transferred for the consideration which was less than the stamp duty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other hand, the Ld. DR has supported the order of the Ld. CIT(A). 6. Heard both the sides and perused material on record. The assessee along with her husband jointly purchased immovable property for a consideration of ₹ 84,15,300/-, the value of property determined by the Stamp Duty Authority was of ₹ 1,32,82,000/-. The registration of the purchased property was made on 29.12.1014. However, the property was allotted as per the letter of allotment filed dated 16.12.2010. The first cheque for payment towards the purchase of the property was made on 18.12.2010. The assessee has paid ₹ 27,73,980/- before registration of the agreement with registrar of stamps, Maharashtra. We have perused the following provision of section 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duty value on the date of agreement may be taken for the purpose of the aforesaid provision, provided on or before a part of the consideration has been paid by any mode other than cash. We have also perused the decision of ITAT, Mumbai as referred (supra) by the Ld. Counsel in the case of Poonam Ramesh Shahjwan wherein on the similar facts the value of the flat was determined on the date of booking of flat after taking into consideration the payment made by the assessee through banking channel before the registration of the flat as laid down in the proviso to section 56(2)(vii)(b) of the Act. We have also considered the decision of ITAT, Pune bench referred by the Ld. Counsel as referred above in the case of Sanjay Dattatraya Dapodikar (Sup ..... X X X X Extracts X X X X X X X X Extracts X X X X
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