9911796707
TMI Blog2024 (1) TMI 424X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 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 maybe taken for the purpose of this provision. Admittedly, the agreement fixing the consideration was entered into on 21.06.2022 fixing the value of Rs 1.82 crores and the sale deed was registered on 13.08.2013. Prescription of the second proviso is admittedly fulfilled in the instant case inasmuch as the assessee paid a sum of Rs. 26 lakhs in FY 2010-11 (i.e. on 17.06.2010 i.e. even before the date of the agreement to sell being 21.06.2022) as part payment through banking channel. Provisions of s. 56(2)(vii)(b) do not apply to the facts of the instant case as it is covered by the first and secon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw in confirming the addition of Rs. 40,45,000/- to the Income of the Assessee u/s 56(2)(vii) (b)(ii) of the Income Tax Act, 1961 on account of consideration paid for the purchase of the flat No. 1301 Building known as Ram Nivas at Ganesh Mandar CHS LTD, CTS No.E/221, Khar West Mumbai 400052, completely disregarding the actual date of allotment agreement Dated 23.06.2010 and the Cheque payment made pursuant to the same as a part purchase consideration for the purchase of the said flat and disregarding the Provisions of proviso to the section 56(2)(vii)(b)(ii) of the Act. 3. On the Facts and Circumstances of the case, The DRP/ Ld. AO erred both on facts and in law in confirming the addition of Rs. 40,45,000/-, disregarding the Proviso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. 3. Heard the arguments of both the parties and perused the material available on record. 4. The Appellant, a non-resident individual, did not file return of income for the Assessment Year 2014-15 on the premise that the total income has not exceeded the exemption limit. Based upon the information received by the Assessing Officer that the Assessee has purchased an immovable property for INR 2,22,45,000/-, reassessment proceedings were initiated under Section 147 of the Act and notice dated 28/03/2021, was issued served on the Appellant. In response to the aforesaid notice, the Assessee filed return of income on 24.01.2022. During the re-assessment proceedings, it was submitted before the AO that, the assessee has purchased a resid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 1,82,00,000 Rs. 2,22,44,345 or Rs. 22,45,000 1,40,16,984 8. The relevant observation of the Assessing Officer is as under: 21. In view of the above, considering the directions of Hon'ble DRP, the assessee's contentions were verified. It is noticed that the assessee has submitted the valuation report of the property as on the date of agreement which was not submitted during passing of draft assessment order. The same has been perused. In rejoinder as well the assessee has mainly contested on the less amount of time given to the Bank to verify the bank account details. The information from the bank was received and has been perused. Further, the assessee has s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where the date of the agreement fixing the 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 the agreement maybe 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 referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property; 10. First proviso to section 56(2)(vii)(b) categorically provides that where the date of agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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