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2021 (12) TMI 1135 - AT - Income TaxAddition u/s 56(2)(vii)(b) - difference in the purchase value of the properties as compared to the value fitted by Stamp Duty Authority - applicability of amendment brought to Section 56(2)(vii)(b) of the Act vide Finance Act, 2013 w.e.f. 01.04.2014 - HELD THAT:- The said Act was brought at theeginning of the FY-2013-14 and received assent by the President of India on 10.05.2013 which shows that the Finance Act, 2013 was enacted at the beginning of FY-2013-14 which will be applicable to the AY-2014-15. Therefore, the plea of the ld. Counsel for the assessee that the amended provisions would be applicable for AY-2015-16, in our view, is not correct, hence not tenable. However, the ld. CIT(A) under the wrong presumption went on to hold that the said provisions of Section 56(2)(vii)(b) of the Act were explanatory and hence retrospectively applicable. Though we agree with that, the amended provisions of Section 56(2)(vii)(b) of the Act would be applicable for the assessment year under consideration however, the reasoning given by the ld. CIT(A) in our view, was not correct, rather it was a simple case where the amended provisions of Section 56(2)(vii)(b) of the Act were directly applicable for the assessment year under consideration. In view of the above observations, we do not find merit in these grounds raised by the assessee/appellant and the same are accordingly decided against the assessee. Unexplained investment on purchase of the property - AO noticed that the assessee paid cash amount of ₹6,04,968/- in relation to the purchase of the aforementioned properties - HELD THAT:- During the appellate proceedings before the ld. CIT(A), the assessee argued that no such cash payment has been made for the purchase of the property. However, the assessee failed to submit any explanation regarding the source of the amount paid for the purchase of the property. In view of this, the ld. CIT(A) confirmed the additions made by the AO. Before us, neither anyone appeared nor any document filed to show the source of the cash payment made for the purchase of the property. In view of this, we do not find merit on this issue also. Hence these grounds are also decided against the assessee.
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