9911796707
TMI Blog2025 (3) TMI 406X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. That the learned A. O has hurriedly made the addition without giving any reasonable opportunity to the assessee for proving the market value. 3. That the learned A. O has not been fair in getting the opinion form the valuation officer regarding the market value of the said property. 4. That the learned A. O has failed to prove that an additional amount over and above the agreement value has been paid by the appellant to the seller thereby causing any loss to the revenue. 5. That the learned A. O has failed to give benefit of the 1st provision of Sec. 56(2)(vii) to the appellant. 6. That the learned A. O has failed to acknowledge the fact that the property was situated in a lower-class area and hence fetched low price. 7. Any o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... session was taken on the very same date while making part payments of the consideration on various dated during the financial year 2012-13 relevant to the assessment year 2013-14. Out of Rs. 60 lakh consideration value, the assessee paid Rs. 27 lakh by account payee cheque during the financial year 2012-13 relevant to the assessment year 2013-14. The Assessing Officer, however, held that the assessee could not prove the land is in stock-in-trade. He further observed that the assessee had paid stamp duty of Rs. 4,55,000, on the value adopted for stamp duty purpose. Hence, the difference of purchase consideration of Rs. 60,00,000 and the market value of Rs. 69,76,000, aggrega-ting to Rs. 9,76,000 was proposed to be treated as "Income From Oth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,84,660/-. Aggrieved by this decision of AO, the Appellant has filed the current appeal with 06 Grounds, of which Grounds 1 to 5 refer to the above addition and Ground 6 is general in nature. 4.3 During the appellate proceedings, appellant has submitted that the property was registered in the F.Y. 2013-14 on 27.06.2013 for a consideration of Rs. 60,00,000/- whereas the agreement to sale was entered in F.Y 2012-13. The initial payments were also made in F.Y. 2012-13 through account payee cheque only. He further submitted that the Learned A.O has wrongly applied the Provision of Sec. 56(2) (Vii)(b). which was inserted wef 1st April, 2014 prospectively. In the case of assessee, the assessee has already purchased the property in FY 2012-13 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amp 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.] As per the above Proviso, if the date of agreement and the date of registration are not the same, the stamp value duty on the date of agreem agreement may be taken up for the purposes of that section provided the amount of consideration or part thereof was paid on or before the date of agreement. In the instant case, the date of agreement is 01.06.2012 whereas the part payment of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vision of section 56(2)(vii)(b)(ii) were not a part of law at that time i.e., during the financial year 2012-13 relevant to the assessment year 2013-14. He thus prayed that the addition be deleted accordingly. 7. The learned Departmental Representative, Shri Abhay Y. Marathe, appearing on behalf of the Revenue argued that in the absence of proper explanation with valid supporting evidences to prove the source, the arguments / submissions of the assessee cannot be accepted and hence, failure of the assessee to explain her case with proper supporting documents and evidences, invoking of provisions of section 56(2)(vii)(b)(ii) of the Act by the Assessing Officer is justified and the appeal filed by the assessee be dismissed. 8. I have heard ..... X X X X Extracts X X X X X X X X Extracts X X X X
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