9911796707
TMI Blog2024 (6) TMI 937X X X X Extracts X X X X X X X X Extracts X X X X ..... Act at the end of buyer, i.e. the assessee under consideration. The paramount evidence against the assessee would have been the violation of section 43CA and 56(2)(vii) of the Act. It is also not demonstrated by the authorities below that what action they have taken against the seller, i.e. M/s. Gour and Suhane Associates, Makronia, Sagar. As far as the difference between the value of agreement, i.e. 36 Lacs vis- -vis registry value is concerned, we have gone through the registry document (Purchase deed) and found no anomaly in the same. Provisions of section 68 to 69B of the Act applicable only in those cases where the assessee is duty bound to maintain the books of accounts as per the provisions of section 44AA of the Act. In this case the assessee lady is a salaried employee at State Govt. owned Medical College and is not liable to maintain the books of accounts as prescribed u/s. 44AA of the Act. Secondly the provisions of section 68 to 69B of the Act are deeming provisions and can be applied only when there is some strong glitching evidence found against the assessee. Like in an action u/s. 132(Search and seizure) or 133A (Power of survey) of the Act, revenue discovered any ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts and circumstances of the case Ld. CIT(A) erred in not considering the facts that AO has not considered the submissions of assessee made during assessment proceedings and has made same on pure assumption and presumptions and guess work being against natural justice and law. 5. On the facts and circumstances of the case Ld. CIT(A) erred in not considering the facts that AO has incorrectly made additions under section 68 being not applicable over the case and hence the additions made under section 68 may kindly be deleted. 6. The appellant craves leave to add or amend any ground of the appeal. 2. The brief facts of the case are that the assessee individual filed her return of income on 16.07.2016 declaring total income at Rs. 2,72,890/-. Thereafter, information received about the assessee that she has purchased one flat from M/s. Gour and Suhane Associates, Makronia, Sagar at Rs. 36 Lacs, whereas registry of property was done at Rs. 30 Lacs. The balance amount of Rs. 6 Lacs was paid by the assessee to seller from her undisclosed income. In addition to this the assessee had not disclosed Rs. 2.14 Lacs paid towards stamp duty on property. In view of above, the case of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of computing profits and gains from transfer of such asset, be deemed to be the full value of the consideration:] Provided further that in case of transfer of an asset, being a residential unit, the provisions of this proviso shall have the effect as if for the words one hundred and ten per cent , the words one hundred and twenty per cent had been substituted, if the following conditions are satisfied, namely: (i) the transfer of such residential unit takes place during the period beginning from the 12th day of November, 2020 and ending on the 30th day of June, 2021; (ii) such transfer is by way of first-time allotment of the residential unit to any person; and (iii) the consideration received or accruing as a result of such transfer does not exceed two crore rupees.] (2) The provisions of sub-section (2) and sub-section (3) of section 50C shall, so far as may be, apply in relation to determination of the value adopted or assessed or assessable under sub-section (1). (3) Where the date of agreement fixing the value of consideration for transfer of the asset and the date of regist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re not the same, the stamp duty value on the date of the agreement may be 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;] (c) any property, other than immovable property, (i) without consideration, the aggregate fair market value of which exceeds fifty thousand rupees, the whole of the aggregate fair market value of such property; (ii) for a consideration which is less than the aggregate fair market value of the property by an amount exceeding fifty thousand rupees, the aggregate fair market value of such property as exceeds such consideration: Provided that where the stamp duty value of immovable property as referred to in sub-clause (b) is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 155 shall, as far as may be, apply in relation to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion that in such type oftransactions of property, it is appropriate and rather the AO is duty bound to apply provisions of section 43CA/50C r.w.s. 56(2)(vii) of the Act. In this case there is no finding against the assessee that transaction entered into violates section 43CA at the end of seller and section 56(2)(vii) of the Act at the end of buyer, i.e. the assessee under consideration. The paramount evidence against the assessee would have been the violation of section 43CA and 56(2)(vii) of the Act. It is also not demonstrated by the authorities below that what action they have taken against the seller, i.e. M/s. Gour and Suhane Associates, Makronia, Sagar. As far as the difference between the value of agreement, i.e. 36 Lacs vis- -vis registry value is concerned, we have gone through the registry document (Purchase deed) and found no anomaly in the same. 5. It is further observed that provisions of section 68 to 69B of the Act applicable only in those cases where the assessee is duty bound to maintain the books of accounts as per the provisions of section 44AA of the Act. In this case the assessee lady is a salaried employee at State Govt. owned Medical College and is not liabl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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