TMI Blog2015 (10) TMI 2503X X X X Extracts X X X X X X X X Extracts X X X X ..... nvestment u/s 69B of the Act. It is relevant to mention that the legislature has carried out amendment by the Finance Act, 2013 w.e.f. 1.4.2014 by substituting section 56(2)(vii)(b) providing that where an individual or HUF receives any immovable property, inter alia, for a consideration which is less than the stamp duty value of the property by an amount exceeding ₹ 50,000/-, the stamp duty value of such property as exceeded such consideration shall be taxed as ‘Income from other sources.’ The legislature has brought in section 56(2)(vii)(b) with the sole intention of bringing under-hand payment of sale consideration of immovable property to tax. This provision has been enshrined w.e.f. the A.Y. 2014-15 and is not applicable retrospe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed/sold during the year. Vide letter dated 22.11.2010, the assessee submitted that he acquired ownership rights in the commercial property No. 210, Okhla, Phase III, New Delhi for a sum of ₹ 3,50,00,000/- and incurred expenses on stamp duty and other expenses, bringing the total cost of such property at ₹ 3,76,75,000/-. The AO made a reference to the Departmental Valuation Officer (DVO) for determining the fair market value of this property. The DVO assessed the value at ₹ 8,99,66,000/- as against the declared cost price at ₹ 3,50,00,000/-. On being called upon to explain the difference between the two, the assessee submitted that the estimate of fair market value of the property by the DVO was not proper. Unconvinc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unexplained investment u/s 69B of the Act. It is relevant to mention that the legislature has carried out amendment by the Finance Act, 2013 w.e.f. 1.4.2014 by substituting section 56(2)(vii)(b) providing that where an individual or HUF receives any immovable property, inter alia, for a consideration which is less than the stamp duty value of the property by an amount exceeding ₹ 50,000/-, the stamp duty value of such property as exceeded such consideration shall be taxed as Income from other sources. The legislature has brought in section 56(2)(vii)(b) with the sole intention of bringing under-hand payment of sale consideration of immovable property to tax. This provision has been enshrined w.e.f. the A.Y. 2014-15 and is not appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
