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2022 (9) TMI 335 - AT - Income TaxAddition u/s. 56(2)(vii)(b) - difference between the stamp duty value and agreement value of the property - HELD THAT:- From perusal of proviso to section 56(2)(vii)(b) we find that in case the date of agreement fixing amount for consideration for the transfer of immovable property and the actual date of registration of the property are not the same, then the stamp duty value on the date of agreement may be taken for the purpose of the valuation of the impugned property if total or part of the consideration referred in such agreement is paid in a mode other than cash on or before the date of such agreement. The assessee was also provided a payment schedule and thereafter on 1.9.2011 the said agreement took place between M/s. Ideal Real Estate P. Ltd. & others and assessee showing sale consideration - As per payment schedule the assessee made first payment on 24-3-2011 through bank by a/c payee cheque of Rs. 1 lakh and subsequently payment was made on various occasions during the financial years 2011-12, 2012-13 and 2013-14. Therefore, it remains an uncontroverted fact that the immovable property in question was agreed to be purchased vide agreement dt. 01-09-2011 and part consideration was paid by account payee cheque before the date of agreement, and, therefore, the value as per stamp valuation authority as on the date of agreement (01.09.2011) should have been taken for the purpose of computing the fair market value (FMV) of the property as contemplated in section 56(2)(vii)(b) - Since it is not in dispute before us that as on 1.9.2011 the value of said property as per stamp valuation authority is not more than the purchase consideration shown in the agreement we are of the view that no addition should have been made by the Ld. AO in the hands of the assessee u/s. 56(2)(vii)(b) - We, therefore, reverse the finding of the Ld. CIT(A) and delete the addition - Thus, effective grounds raised by the assessee are allowed.
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