TMI Blog2019 (9) TMI 487X X X X Extracts X X X X X X X X Extracts X X X X ..... rice of the property at ₹ 21.00 lac, even though the actual transfer took place in the year 2015. Prescription of the second proviso is admittedly fulfilled in the instant case in as much as the assessee paid a sum of ₹ 1.00 lakh as part payment prior to the date of the Agreement in the year 2008 through banking channel. Mandate of the main part of section 56(2)(vii)(b) does not apply to the facts of the instant case as it is covered by the first and second provisos in as much as the assessee entered into an agreement fixing the amount of consideration for the purchase of immovable property in the year 2008 but the actual registration took place in 2015 and further the assessee paid a part of the consideration by cheque in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perty purchased as on the date of registration of sale deed and the actual purchase consideration was liable to be considered as income under this section. He, therefore, made an addition of ₹ 26,07,775/- (₹ 57,07,775 ₹ 31,00,000) u/s.56(2)(vii)(b). The ld. CIT(A) sustained the addition against which the assessee has come up in appeal before the Tribunal. 3. I have heard both the sides and gone through the relevant material on record. The factual matrix as set out in the assessment order as well, is that the assessee entered into an agreement with Late Shri Dnyaneshwar Dattatraya Shinde, father of the present vendor, Shri Vishal Dnyaneshwar Shinde for purchase of the property on 30-01-2008 at an agreed c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... altogether a fresh sale deed, but continuation of the registered irrevocable PoA issued in favour of the assessee in 2008. Under such circumstances, a question arises as to whether provisions of section 56(2)(vii)(b) are attracted in this case. 4. In order to appreciate the rival contentions, it would be relevant to reproduce the prescription of section 56(2)(vii)(b) as under : - ` In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes, shall be chargeable to income-tax under the head Income from other sources , namely :- .. ( b ) any immovable property,- ( i ) without consideration, the stamp d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all, the provisions of section 56(2)(vii)(b) are to be applied, then the same should be considered in entirety in the light of two provisos with the effect that, if the date of agreement fixing the amount of consideration and the actual registration for the transfer of capital asset are not same, then the value should be considered with reference to the date of agreement fixing the amount of consideration of an anterior date and not the stamp value on the date of registration of sale deed. The other proviso provides that such substitution would be allowed only if full consideration or part thereof was received by means of banking channel at the time of execution of the agreement for transfer. 7. In my considered opinion, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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