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TMI Blog2024 (9) TMI 1333X X X X Extracts X X X X X X X X Extracts X X X X ..... e and in law the Ld. CIT(A) erred in not appreciating the fact that addition of Rs. 1,88,75,500/-was made towards difference in purchase consideration as per section 56(2)(x) under the head of "Income from other Sources" of the Act by the AO and the addition of Rs. 1,88,75,500/- was deleted by CIT(A)." 2 "Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in not appreciating the fact that the Ld. CIT(A) has not considered the section 269AB of the Income Tax Act as mandates the registration of the certain transactions which involves transactions of Immovable property". 3 "Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in not appreciating the fact that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property allotted by M.D. Globus Reality Pvt. Ltd which was duly signed by one of the Directors of M.D. Globus Reality Pvt. Ltd. Thereafter, AO further required the assessee to submit documents registered for the propose agreement and further details. The assessee submitted that the agreement for purchase of property under construction though was registered in financial year 2019-20 but was in terms of agreement entered in financial year 2012-13. Thus, the assessee has entered into purchase transaction in the year 2012. Assessee also relied upon the decision of Hon'ble Bombay High Court in the case of PCIT vs. Vembu Vaidyanathan. However, AO rejected the assessee's contention holding that; (i) the agreement for Sale dated 15.01.2020 does n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aking an Initial payment of Rs 10,00,000/- by Account Payee Cheque dated 10/09/2012 drawn on Bank of Maharashtra at an agreement value of Rs 1,75,00,000/-. The stamp duty value as on the date of agreement was Rs 1,68,28,907/- . The said property was registered in F.Y. 2019-20 and the stamp duty value as on the date of Registration was Rs 3,63,75,500/-, All these details along with proof of payment through banking channel and bank statements were furnished before the AO during the course of scrutiny assessment proceedings. The Appellant had also furnished the allotment letter issued by the builder, namely M/s M.D. Globus Realty Pvt. Ltd. encapsulating all the terms, conditions and payment schedules pertaining to the purchase of the property, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .02.2013 5,00,000 15,450 5,15,450 2 24.05.2013 25,00,000 92,750 25,92,750 3 29.12.2017 10,00,000 80,000 10,80,000 4 09.02.2018 15,00,000 52,500 15,52,500 5 12.03.2018 15,00,000 52,500 15,52,500 6 19.03.2018 5,00,000 40,000 5,40,000 7 20.04.2018 15,00,000 52,500 15,52,500 8 19.05.2018 15,00,000 1,20,000 16,20,000 9 28.06.2018 15,00,000 1,20,000 16,20,000 10 28.09.2018 11,00,000 88,000 11,88,000 11 29.03.2019 5,00,000 0 5,00,000 12 29.03.2019 10,00,000 0 10,00,000 12 30.03.2019 9,00,000 -24,000 8,76,000 13 21.09.2020 10,00,000 -7500 9,92,500 Total 1,75,00,000 7,28,550 1,82,28,550 8. The builder also acknowledged the receipt towards payment received for Rs. 1,75,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be prescribed], on or before the date of agreement for transfer of such immovable property: 10. Thus, when on the date of agreement amount of consideration is fixed for the transfer of immovable property and the date of registration is not the same, then the Stamp duty Value on the date of agreement is to be taken. The section further provides that the value as on date of agreement can be taken only when the amount of consideration in the agreement has been paid by way of account payee cheque or by the electronic clearing system through a bank account on or before the date of agreement transfer of such immovable property. Thus, the aforesaid provisos carve out exception by taking the stamp duty value as on the date of agreement when th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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