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2020 (1) TMI 1359 - AT - Income TaxApplicability of amended provisions of Section 56(2)(vii)(b) - under-valuation in the purchase price of the property qua stamp duty valuation and applied provisions of Section 56(2)(vii)(b) of the Act and worked out the adjusted purchase consideration - HELD THAT:- It is not in dispute that purchase transactions of immovable property were carried out in FY 2011-12 for which full consideration was also parted with the seller. Mere registration at later date would not cover a transaction already executed in the earlier years and substantial obligations have already been discharged and a substantive right has accrued to the assessee therefrom. The pre-amended provisions will thus apply and therefore the Revenue is debarred to cover the transactions where inadequacy in purchase consideration is alleged. We thus find merit in the issue raised on behalf of the assessee. The order of the CIT(A) is accordingly set aside and the AO is directed to delete the additions made under s. 56(2)(vii)(b) of the Act and restore the position claimed by the assessee. Chargeability of interest u/s 234B on additions made - HELD THAT:- As relying on M/s. Anand Vihar Construction Pvt. Ltd. [2018 (11) TMI 1738 - ITAT RANCHI] Interest under s.234A & 234B of the Act is chargeable with reference to returned income only, we are inclined to adjudicate the legal objection raised by way of additional ground in favour of the assessee.
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