9911796707
TMI Blog2024 (7) TMI 722X X X X Extracts X X X X X X X X Extracts X X X X ..... ian Bank, Hubli. Revenue contention is that the first payment of Rs. 1,00,000/- was only made on 11.05.2009 by the assessee and that to one Suresh Enterprises. AR on the other hand submitted that the amount was actually paid by the Akshay Thakkar s bank account (Son of the assessee) on 02/08/2008 who is also the joint purchaser even though he was not a party to the Agreement/ MOU for Sale of Plot on dated 31/07/2008. Since in the case of the assessee s son the assessment order u/s 147 of the Act dated 23.03.2022 was passed accepting the contentions of one of the joint purchaser of the property, then the same needs to be extended to other purchaser (the assessee) also. The revenue cannot take different view for different parties involved in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the transaction for purchase of residential plot made on 14.07.2015 based on which the cases was reopened vide notice under Section 148 of the Act dated 31.03.2021. During the course of assessment proceedings the assessee has produced the agreement /MOU dated 31st day of July, 2008 along with the details of payment made. Thus, from the above it is inferred that only the assessee had entered into an agreement to purchase a plot from Shejwadkar Builders Pvt. Ltd. on 31.07.2008 and an amount of Rs. 1,00,000/- was paid by way of cheque on 11.05.2009 whereas the final sale deed for the said plot was executed on 14.07.2014 jointly with his son for Rs. 11,94,000/- as against the market value for stamp duty purposes at Rs. 41,12,500/-. The asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erence of Rs. 29,13,500 (assessee's share was 50%) between stamp duty valuation and purchase consideration disclosed by the assessee, AO issued notice u/s 148 after following the due process of law. During the course of scrutiny assessment, assessee filed one unregistered /unnotarized Agreement/MOU, claimed to have been entered on 31.07.2008, between assessee others And Shejawadkar Builders Pvt. Ltd., Hubli for sale/purchase of plots to be developed by the builder at Akshay Nagar, Unkal village. Hubli. As per the so-called Agreement, the cost of the plot was shown at Rs. 11,99,000 and it was also shown in the Agreement/MOU that the builder had received Rs. 1,00,000 vide cheque no. 621285 dated 31.07.2008 of Indian Bank, Hubli. The so ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;s contention. Accordingly ground no. 2 is dismissed. 8. In the result, the appeal is dismissed. Aggrieved, assessee filed appeal before the Tribunal. 5. The assessee has filed a paper book comprising 20 pages enclosing therein copies of the followings: - 1. Written submission before Hon'ble ITAT 2. Agreement with Builders dated 31.07.2008 3. Sale deed dated 14.07.2014 4. Assessment order of Sri Akshay Nagesh Thakkar for AY 2015-16 5. Notice u/s. 142(2) dated 29.06.21 issued to Akshay Thakkar 6. Notice u/s. 142(2) dated 29.06.2021 issued to Nagesh Thakkar 6. Before us the learned A.R. of the assessee submitted that the assessee along with his son Akshay Thakkar booked a piece of land on 31.07.2008 with Shejwadkar Builders Pvt. Ltd. for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 621285 of Indian Bank, Hubli dated 31.07.2008. Therefore, the authorities below are justified in adding Rs. 14,56,750/- under the provisions contained in s. 56(2)(vii)(b) of the Act. 8. We have heard the rival contentions and perused the material on record. The solitary issue that is to be decided is whether the addition of Rs. 14,56,750/- under Section 56(2)(vii) of the Act is justified under the facts and circumstances specially when the assessment order of one of the joint owner, being the son of the assessee, has been passed by department accepting the contentions. 9. Before proceeding further, it is appropriate to take note of the relevant section 56(2)(vii)(b) of the I Tax Act, 1961 applicable for the Asst. Year 2015- 16 which read ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the transfer of such immovable property. 10. In the present case we found that Agreement /MOU for sale of Plot were entered on 31/07/2008 which is placed on page-3 of the Paper book. This agreement/MOU is also not disputed by the Authorities below. On going through the Agreement/MOU we also found that Advance of Rs. 1,00,000/- claimed to have received by the Shejawadkar Builders Pvt. Ltd. (Seller) vide Cheque No. 62185 dated 31/07/2008 of Indian Bank , Hubli. The Revenue contention is that the first payment of Rs. 1,00,000/- was only made on 11.05.2009 by the assessee and that to one Suresh Enterprises. The AR on the other hand submitted that the amount was actually paid by the Akshay Thakkar s bank account (Son of the assessee) on 02/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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