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2022 (11) TMI 174 - AT - Income TaxAddition u/s 56(2)(vii) - difference in market value and agreement value - A.O has treated the shifting of flat as transfer and booked the difference in stamp duty valuation and the prices paid by the assessee as income u/s 56 - As per assessee agreement so registered was nothing but the ratification of pre existing agreement dated back to the principal agreement of 2010 and this was merely same contract with only to be constructed premises being replaced and there was no new agreement and the earlier payment form part of the consideration of the registered agreement - CIT(A) has considered the complete facts of the case and the circumstances under which the assessee was offered alternative flat by the buyers and deleted the addition - HELD THAT:- CIT(A) has clearly elaborated in his findings that when the developer failed to provide original flat then it had offered another flat in the building which was to be constructed on a future date. When the assessee has booked the flat that property was not in existing and it was a property to be constructed in future time. CIT(A) had explained in detail that if such transaction are treated as transfer by notionally assigning value then the benefit of indexation and benefit of Sec. 54 etc. to be given to the assessee. In the light of the above facts and circumstances, we don’t find any infirmity in the decision of CIT(A). Accordingly, both the grounds of appeal of the Revenue are dismissed.
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