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TMI Blog2024 (11) TMI 637X X X X Extracts X X X X X X X X Extracts X X X X ..... roviso to section 56(2)(x)(b)(B) provides that where on the date of agreement the consideration has been fixed for transfer of immovable property and when the date of agreement and date of registration are not the same, then the stamp duty value as on the date of agreement may be taken for the purpose of determination of the stamp duty value. It is also not the case of the Revenue that the assessee has not paid the consideration or failed to establish the payment for the said property at the time of agreement to sell . Though the AR has extensively argued that it is the case of transfer of lease hold rights for which section 50C of the Act cannot be invoked, there is no specific finding on the same by the lower authorities nor was it raised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , JM And Shri Girish Agrawal, AM For the Assessee : Shri Prakash Jhunjhunwala For the Respondent : Shri Rajesh Meshram ORDER PER KAVITHA RAJAGOPAL, J M: This appeal has been filed by the Revenue, challenging the order of the learned Commissioner of Income Tax (Appeals) ( ld.CIT(A) for short), National Faceless Appeal Centre ( NFAC for short) passed u/s. 250 of the Income Tax Act, 1961 ( the Act'), pertaining to the Assessment Year ( A.Y. for short) 2018-19. 2. The Revenue has challenged the ld. CIT(A) s order deleting the addition of Rs. 19,64,304/- made by the ld. Assessing Officer ('A.O.' for short) u/s. 56(2)(x) of the Act as income from other sources on account of difference in the stamp duty value received on sale of immova ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 19.04.2024 allowed the appeal of the assessee on various grounds. 6. The Revenue is in appeal before us, challenging the impugned order. 7. The learned Departmental Representative ('ld.DR' for short) for the Revenue relied on the order of the ld. A.O. and contended that the assessee has failed to comply with the provisions of section 56(2)(x) of the Act. 8. The learned Authorised Representative ('ld. AR' for short) for the assessee contended that ground no. 1 raised by the Revenue on addition of Rs. 19,64,304/- pertains to a residential premises situated at Noida for which the assessee had acquired a lease hold rights from the vendor and the same is not a transfer of ownership. The ld. AR further stated that the said t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mp duty paid for the residential premises where the aggregate total purchase value amounts to Rs. 47,20,404/-. The assessee s contention that the said property was an under construction property which was evidenced by the agreement to sell and the allotment letter , thereby acquiring a right to acquire property in January, 2012 itself. The assessee contends that a right to acquire a property is a capital asset as per the definition of section 2(14) of the Act and relied on the following decisions : 230 ITR 864 (Bom) Bafna Charitable Trust vs. CIT 122 ITR 594 (Bom) CIT vs. Tata Services Ltd. 90 ITD 44 (Mum-Trib) ACIT vs. Smt. Hansaben B. Mehta 287 ITR 142 (Pune-ITAT) Smt. Nargis K. Irani vs. ITO 10. The ld. A.O. invoked section 56(2)(vii)(b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nor was it raised as a ground of appeal. In the absence of the same, and on perusal of the relevant documentary evidence furnished by the assessee, we find no infirmity in the order of the ld. CIT(A) in deleting the impugned addition made by the ld. A.O. Ground no. 1 raised by the Revenue is hereby dismissed. 11. Ground no. 2 pertains to the addition of Rs. 3,12,00,000/- as income from other sources u/s. 56(x) of the Act on account of difference in the stamp duty value. It is observed that the assessee had acquired an undertaking (export oriented unit (EOU)) with all its assets and liabilities which includes Industrial Gala nos. 85 to 86 from M/s. SK International Export Co. as a going concern for a slum sale consideration of Rs. 30 lacs v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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