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2021 (7) TMI 765 - AT - Income TaxAddition u/s 56(2)(vii)(b) - assessee had purchased four immovable properties far below the value determined by the stamp valuation authorities for the purposes of charging stamp duty - difference between the stamp duty value and the actual purchase consideration - HELD THAT:- From perusal of Section 56(2)(vii)(b) of the Act, it reveals that the provision is applicable on purchase of immovable property, if the consideration is less than the stamp duty value of the property by an amount exceeding ₹ 50,000/-. It is also mentioned that in such cases, the difference between stamp duty valuation of the property and actual consideration shown will be treated as 'income from other sources'. The above conditions are squarely applicable in the case of the assessee. DVO has given due consideration for the location of the property and other relevant evidences produced before him by the assessee. The DVO is expert in valuation of the property and as the valuation is based on scientific method, the same cannot be doubted. No new facts or circumstances have been brought before us by the ld AR in order to controvert or rebut the factual findings recorded by the ld. CIT(A), therefore, we see no reason to interfere into or deviate from the findings so recorded by the ld. CIT(A) and we uphold the same. - Decided against assessee. Addition u/s 68B - whether there are well explained sources of investigation made by the assessee - HELD THAT:- No details regarding earlier payments given to M/s Narsing Construction was provided either during assessment proceeding or appellate proceedings. The nature and source of earlier payment to M/s Narsingh Constructions remained unexplained. In the assessment order, the AO has specifically pointed out that an agreement was executed between the parties under the name 'agreement for receiving payment in lieu of cheque', which indicates that cash was received by Shri Banna Ram, the seller of the property, when the cheque issued was dishonored. As per this agreement, cash was paid to the seller by the assessee on 11.12.2013. Thus, there is no doubt that the payment in lieu of dishonored cheque was made in cash by the assessee on 12.11.2013. The claim of the assessee regarding payment through M/s Narsingh Constructions is not established. As far as remaining cash payment is concerned, the AO himself granted benefit to the extent on the basis of withdrawal from bank account. No new facts or circumstances have been brought before us by the AR in order to controvert or rebut the factual findings recorded by the ld. CIT(A), therefore, we see no reason to interfere into or deviate from the findings so recorded by the ld. CIT(A) and we uphold the same. Addition u/s 69C - assessee paid registration charges in respect of properties - HELD THAT:- AO examined the claim regarding source for payment of registration charges and correctly pointed out that the claim regarding cash received from M/s Shree PVJ Corporation is not correct. The assessee also accepted the above fact during the appellate proceedings before the ld. CIT(A). The assessee also failed to bring any explanation regarding source of making expenditure for registration expenses. No new facts or circumstances have been brought before us by the ld AR in order to controvert or rebut the factual findings recorded by the ld. CIT(A), therefore, we see no reason to interfere into or deviate from the findings so recorded by the ld. CIT(A) and we uphold the same. Appeal of the assessee is dismissed.
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