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2021 (10) TMI 865 - AT - Income TaxAddition u/s 56(2)(vii)(b) - difference between the stamp value and the purchase consideration - sale consideration on the lesser value of prevailing Jantri rates - Difference of value is the stamp valuation worked out as per the value adopted by the Stamp Valuation Authority(SVA) - HELD THAT:- CIT(A) not discarded the contention of the assessee by taking view that no separate brake up of market value of actual plot, road, common area given in the sale deed is not established and that the recorded consideration is the market value of actual plot as per Stamp Valuation Authority (SVA), thus, concurred with the finding of the AO. We find that the AO made addition without verifying the facts either from the seller about the receipt of excess sale consideration. As assessee specifically stated before the lower authorities that he has paid 1% additional stamp duty on in accordance with the regulation of State Government and the additional stamp duty is levied to recover a loss of revenue which the State Government has to suffer on portion of land used in road and other amenities provided by the land organiser, which does not form part of sale consideration. The payment of additional stamp duty is outside the purview of valuation of asset, it has no bearing or impact on the market value of property assessed by the Stamp Valuation Authority. AO and the ld. CIT(A) has not made any effort to verify the assertion of the assessee. We further find that the AO made addition only on the basis of additional stamp duty. There is no evidence on record to suggest that the assessee has shown sale consideration on the lesser value of prevailing Jantri rates - we do not find any justifiable reason for making the addition in the hand of assessee - Appeal raised by the assessee is allowed.
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