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TMI Blog2023 (9) TMI 1679X X X X Extracts X X X X X X X X Extracts X X X X ..... essee and are interlinked, hence are clubbed, heard together and a consolidated order is passed. ITA No. 98/Jab/2022, A.Y 2014-15. The assessee has raised the following grounds of appeal: 1 That the Ld Appellate authority has grossly eared in facts and circumstances of the case to confirm the addition of Rs35,28,000/- 2 That the addition of Rs. 35,28,000/- added considering addition U/s 56(2)(vii)(b)(ii) of IT Act, 1961, is arbitrary and bad in law. 3. That the Assessee 'crave leaves to raise any other ground/s on or before the date of hearing to prove that the order passed is bad. 2. The brief facts of the case are that the assessee is engaged in the business of purchase and sale of electronic goods. The assessee has filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the month of October 2012 to Sri Hanuman das Gupta and Shri Ramdas Gupta and the property was registered in the F.Y 2013-14 i.e on 1-012014 with incurring of stamp duty and registration expenses of Rs. 6.10 lakhs. Whereas the AO was not satisfied with the explanations and is of the opinion that the difference in the stamp value of the property and sale consideration has to be assessed under Income from other sources and invoked the provisions of Sec. 56(2)(vii)(b)(ii) of the Act and further the assessee has taken the possession of the property only in the F.Y 2013-14 i.e A.Y 2014-15 and made addition of Rs.35,28,000/- and assessed the total income of Rs.40,05,190/- and passed the order u/s 143(3) r.w.s 263 of the Act dated 10.12.2019. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of property through account payee cheques and complied with the provisions of the Act. Further the Ld. AR emphasized that these payments have been made in F.Y 2012-13 and the stamp duty value applicable on the date of payments is to be considered for registration purpose irrespective of the date of registration in F.Y.2013-14. We considered it appropriate to refer to the provisions of Sec. 56(2)(vii)(b) of the Act read as under: (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; (b) any immovable property,- (i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore the CIT(A), the assessee has mentioned about the understanding and the oral agreement fallowed by the payments in the F.Y 2012-13 through banking channel and the provisions of Sec. 56(2)(vii)(b)(ii) of the Act are complied. Whereas the submissions of the assessee on the disputed issue made before the CIT(A) are emerged for the first time and the A.O has to examine the facts and the nature of transactions. Accordingly, to meet the ends of justice, we set aside the order of the CIT(A) and restore the entire disputed issues to the file of the Assessing officer to examine and verify the issues discussed above and the assessee should be provided adequate opportunity of hearing and shall cooperate in submitting the information and we allow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s filed before the assessing officer and the assessment order was passed U/sec143(3) r.w.s 263 of the Act. The Ld.AR substantiated the submissions with the judicial decisions and prayed for allowing the appeal. Contra, the Ld. DR supported the order of the CIT(A). 14. We heard the rival submissions and perused the material on record. Prima-facie the AO has levied the penalty u/s 271(1)(b) of the Act as the assessee has not complied with the notices. Whereas on perusal of the facts and the submissions of the Ld. AR, the notice U/sec142(1) of the Act was issued on various dates and the assessee has submitted the information subsequently in the assessment proceedings and the assessment order was passed u/s 143(3) r.w.s 263 of the Act dated 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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