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2023 (6) TMI 876 - ITAT SURATAddition u/s 56(2)(vii)(b) - addition made since the assessee declared less purchase value than the value adopted by the Stamp Valuation authority - CIT-A deleted the addition - HELD THAT:- CIT(A) observed that out of the total plot land area of 11951 sq. mtr. mentioned in the Sale Deed, the actual plot area comes to 7171 sq. meter, since 40% had to be deducted on account of implementation of TP Scheme as per the Surat Urban Development Authority orders. Assessee had also paid an amount as a premium to the State Government for the said property. Both these issues were specifically mentioned in the Sale Deed. All relevant details had already been filed before the assessing officer as is evident from the assessment order. Taking these factors into account, the actual stamp duty value of the property comes to Rs. 4,48,18,750/- only and not Rs. 5,37,79,500/- as assumed by the assessing officer. Against this, the assessee had made total payment of Rs. 3,15,97,475/- plus Rs. 1,79,27,500/- amounting to Rs. 4,95,24,975/-. Hence, CIT(A) correctly noted that there was no under valuation - Appeal of the Revenue are dismissed.
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