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2020 (11) TMI 817 - AT - Income TaxIncome from other sources u/s 56(2)(vii)(b)(ii) - difference between the market value and purchase consideration on the date of registration of sale - HELD THAT:- In the instant case the Proviso to sub clause (b) of section 56(2)(vii) of the Act gets attracted and the Stamp Duty value as on the date of booking the flat wherein the consideration was mutually agreed between the parties was fixed shall be taken for the purpose of sub clause (b). The assessee has also filed a report from the registered valuer, according to which the stamp duty value of the flat in August, 2012 has been determined at ₹ 98,68,000/. We find merit in the contentions raised by the assessee.The provision of Section 56(2)(vii)(b) of the Act does not envisage transfer of ownership for determination of stamp duty value. The determination of stamp duty value hinges on the date of agreement fixing the amount of consideration for transfer of immovable property. In the present case, the date is August 2, 2012. i.e. the date of booking the flat. At the time of booking flat the total amount of consideration was fixed between the parties. The date of transfer of title in immovable property has no significance under the provisions of Section 56(2)(vii)(b). - Appeal of assessee allowed.
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