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2022 (9) TMI 1464 - AT - Income TaxAddition u/s 56(2)(vii)(b) - letter of allotment is merely a letter of intent and not an agreement for sale of flat - difference between the consideration and the stamp duty value - HELD THAT:- The chronology of the events confirms that the finding of the A.O treating the agreement of the assessee as letter of intent is not correct. In this matter treating the said agreement as letter of intent shows an over thinking and hyper technical interpretation at the end of the A.O. assessees case clearly falls in the proviso to Section 56(2)(vii)(b). Similar property in the case of assessee’s wife with similar transactions has been accepted by the same A.O without any addition for the same A.Y. See Gulabrai Hanumanbox. vs. Commissioner of Wealth –tax [1991 (8) TMI 21 - GAUHATI HIGH COURT] as held two different Assessees having similar/ identical facts w.r.t valuation of property cannot be assessed with different rates for the same property. Thereby, the order passed by the Assessing officer for co-sharer of property is arbitrary and unjustified in law. We delete the addition made by A.O and confirms that assessee is entitled to the benefits of proviso to Section 56(2)(vii)(b).
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