9911796707
TMI Blog2024 (1) TMI 1003X X X X Extracts X X X X X X X X Extracts X X X X ..... eement may be taken for the purposes of this sub-clause. The value determined by the valuation authority for the purpose of charging stamp duty as the value of the property and after deducting the purchase consideration shown by the assessee the remaining part is being considered as a deemed gift within the meaning of this Section. But in this case it is hit by the proviso. Assessee has booked the flat in 2015 and the AO has not taken the stamp duty valuation on 11.05.2015 which is less than the value considered by the AO. Thus the orders of both the lower authorities are not sustainable because the assessee has demonstrated that it has made payment for purchase of this property through account payee cheque in instalments on different da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the Tribunal against the order of the Commissioner of Income Tax (Appeals), NFAC, Delhi [in short ld. 'CIT(A)'] dated 18.09.2023 passed for AY 2018-19. 2. The assessee has taken four grounds of appeal, out of which ground nos. 3 4 are general grounds of appeal which do not call for recording of any specific finding, hence, rejected. 3. Ground nos. 1 2 revolve around a single issue namely whether ld. CIT(A) is justified to confirm the addition of Rs. 32,93,730/- which was added by the Assessing Officer (in short ld. 'AO') u/s 56(2)(x) of the Act whereas the flat was booked by the assessee in FY 2014-15 and all payments were made through banking channel. 4. The brief facts of the case are that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the assessee s case the said transaction is reported by the Registration Authority itself i.e. Joint Sub Registration Office (M.S.D) Borivali -4. It seen that the details of the transactions are appearing in assessee's Form 26AS(downloaded from traces) as well. 8. Since the assessee has refused to acknowledge the transaction itself and not submitting any details/documentary evidence with respect to the same, the entire amount invested in the immovable property amounting to Rs. 32,93,730/- is taxable u/s 69 of the I.T Act, 1961 as unexplained investments. A show cause notice was issued to the assessee on 07.04.2021 for explanation on or before with regard to the above mentioned addition in the computation of Income for the A.Y- 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring any relief to the assessee. 6. Before us, ld. Counsel for the assessee has filed a paperbook running into 73 pages. He first of all submitted that finding of ld. CIT(A) is incorrect to the extent that the assessee has not filed anything and against column no. 46A it is mentioned as No . He submitted that there is no additional evidence filed by the assessee but paperbook were filed before the AO as well as before ld. CIT(A). On page no. 72-73 the assessee has submitted as to how written submission along with documents have been placed before the Income Tax Authority by way of several letters. He further, drew our attention to page no. 1 and submitted that this flat was allotted to the assessee on 11.05.2015. The assessee has placed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... garwal (Father) 17.02.2017 5,00,000 Corporation Bank Binod Kumar Agarwal(Father) 20.06.2018 5,00,000 Corporation Bank Bijay Kumar Agarwal 19.07.2018 42,730 Corporation Bank Bijay Kumar Agarwal Total 32,93,730 Out of these, a sum of Rs. 10,00,000 was paid by appellant s father Mr. Binod Kumar Agarwal. All the relevant Bank statements mentioning the said payments are enclosed herewith. 7. The ld. AO has made th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purpose of charging stamp duty as the value of the property and after deducting the purchase consideration shown by the assessee the remaining part is being considered as a deemed gift within the meaning of this Section. But in this case it is hit by the proviso. Assessee has booked the flat in 2015 and the AO has not taken the stamp duty valuation on 11.05.2015 which is less than the value considered by the AO. 9. In view of the above consideration, the orders of both the lower authorities are not sustainable because the assessee has demonstrated that it has made payment for purchase of this property through account payee cheque in instalments on different dates. Therefore, as far as Rs. 32,93,730/- is concerned, it cannot be added ..... X X X X Extracts X X X X X X X X Extracts X X X X
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