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2022 (10) TMI 457 - AT - Income TaxAddition u/s 56(2)(vii) - difference between the purchase price of the property purchased by the assessee firm during the year on the basis of value adopted by the Registrar of Documents for stamp duty purpose over the actual amount paid by the assessee firm for purchase of property - HELD THAT:- AO was taking benefit of any presumption under law that any amount was paid from undisclosed source to the seller by purchaser then certainly that relevant section should have been mentioned in the show cause itself. Then relevant Section 50C cannot be invoked as the said section is applicable in the case of seller of the property only while the appellant is a buyer. Section 56(2)(vii)(a) and Section 56(2)(vii)(b) of the Act are also not applicable in case of partnership firm or LLP and the assessee is a LLP. Section 56(2)(x) which may be applicable in case of partnership firm or LLP was introduced with effect from A.Y. 2018-19 while the present case is with regard to A.Y. 2015-16. Thus, in the absence of any statutory presumption the AO was under obligation to establish by definite evidence that purchaser had made more payment then stated in sale deed. Circumstances of distress sale are on record and there was no attempt of AO to discredit the same. CIT(A) has rightly taken all these aspects into consideration while allowing the relief of deletion and no interference is required.The appeal of revenue is dismissed.
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