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2015 (7) TMI 1262 - AT - Income TaxAddition u/s 17(2)(iii)/28(iv) - perquisite in the hands of director - difference between the stamp duty valuation and sale consideration constituted as income in the hands of the assessee - assessee being a director of company purchased a property from the above said company - Held that:- Since the assessee happened to be the Share holder and Director of the company, which sold the property, the assessing officer has presumed that the assessee has derived benefit from the transaction of purchase of property for the reason that there was a difference between the sale consideration and the value determined for stamp duty purposes. Accordingly, the AO proceeded to assess the difference amount of ₹ 96.26 lakhs as income of the assessee. AO was not sure as to the section under which the said difference is assessable. Hence he has quoted both sec. 17(2)(iii) and sec. 28(iv) of the Act. We have noticed that the Ld CIT(A) has given proper reasoning that the above said difference cannot be assessed as income of the assessee under both the sections. During the course of hearing, the Ld D.R also could not controvert the reasoning given by Ld CIT(A). The provisions of sec. 56(2)(vii), which provide for assessing difference between the Stamp duty valuation and the sale consideration in the hands of the buyer, has been inserted by the Finance Act, 2010 w.r.e.f from 1.10.2009. In the instant case, the impugned transaction has taken place on 17-7-2008 and hence the deeming provisions of sec. 56(2)(vii) are also not applicable to it. Under these set of facts, we are of the view that the assessing officer has made the impugned addition only on surmises - Decided in favour of assessee.
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