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2022 (11) TMI 415 - AT - Income TaxAddition invoking provisions u/s 56(2)(vii)(b) - difference of stamp value minus sales consideration - assessee only received lease hold right for 99 years - to be equated with purchase of immovable property or not - As submitted that section 56(2)(vi)(b) is deeming fiction and it is settled preposition that deeming provision cannot be extended beyond the purposed for which it is enacted and section 56(2)(vii)(b) applies only in the cases of transfer of Immovable property takes place but not where the transfer of rights in the immovable property takes place - HELD THAT:- The definition of property does not refer to rights or transactions which may enable use or enjoyment of property and it appears that having regards to description context and objective, acquisition of such rights cannot be equated with immovable property. As relying on Bhavna Shashikant Ghone [2022 (9) TMI 919 - ITAT PUNE] we are of the view that Section 56(2)((vii)(b) cannot be applied in assessee’s case. It is also noteworthy to mention that letter dated 6-01-2014 issued by RIICO in favour of M/s. Unique Impex is clear evidence that the assessee only received lease hold right for 99 years . Hence, in view of above deliberations and the case laws mentioned hereinabove, the Bench does not concur with the view of the ld. CIT(A) and the addition sustained by the ld. CIT(A) is directed to be deleted. Thus the solitary ground of the assessee is allowed.
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