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2019 (9) TMI 1415 - AT - Income TaxRevision u/s 263 - difference between sale consideration actually paid and the guideline value fixed by the Government - addition in respect of the provisions of section 56(2)(vii) - HELD THAT:- Difference between sale consideration actually paid and the guideline value fixed by the Government in the present case being only ₹ 24/- lakhs, the stamp duty variation would be only in the range of ₹ 2.4 lakhs. Where the assessee has already spent ₹ 1,44,00,000/- and registration cost of nearly ₹ 14.4 lakhs and additional ₹ 2.4 lakhs admittedly would not be challenged by the assessee, especially when considering the rigmarole in respect of filing the appeal for reduction of the stamp duty valuation. But that cannot be the ground for making a direct addition in respect of the provisions of section 56(2)(vii) of the Act. Government of Tamil Nadu has found that the guideline value fixed earlier with effect from 01.04.2012 was very much on the higher side and it consequently reduced the same in 2017, which clearly shows that the assessee should be given the benefit of the revised valuation. Once the revised valuation is taken into consideration, the guideline value in respect of the property would be lower than the actual consideration paid by the assessee. This is also not the case where any evidence of on-money payment has been found - addition as directed by the ld.PCIT in his order u/s.263 of the Act is unsustainable, when the guideline value as prescribed by the Government of Tamil Nadu with effect from June,2017 is taken into consideration. - Decided in favour of assessee.
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