TMI Blog2021 (5) TMI 631X X X X Extracts X X X X X X X X Extracts X X X X ..... n was made to take the value of consideration as stamp duty value if the consideration paid is less than the stamp duty value. However, saving clause by second proviso has been made applicable stating that, if the consideration has been paid as per value mentioned in the agreement to purchase, then the amount mentioned in the agreement can be taken the amount of consideration if the consideration referred to in the agreement or a part thereof, is paid on or before the date of agreement. This provision did not exist at the time of entering into the agreement to purchase in question. The case of the assessee is self-explanatory. The registry was done on 28-05-2013. However, the part payment was made by cheque on the next day of execution o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Commissioner of Income Tax (Appeals) has been made not as per the law and is bad both in the eyes of law and facts. 2. The Assessing Officer in the Order in original dated 16.12.2016 added ₹ 10,53,240/- in the income of the assessee for the A.Y. 2014-15 on the grounds of stamp duty value is more than the sale consideration of property. This addition is confirmed by the Learned CIT Appeals, Ranchi. The Assessing Officer contended that the value of property will be stamp duty value of the property on the date of registry, i.e. on 28.05.0213 as per the provision of section 56(2)(vv) of the I.T. Act, 1961, since the date of payment was after the date of agreement. Whereas the agreement was made on 19.07.2012 and a cheque was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duty value on the date of the agreement may be taken for the purposes of this sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property; It is very clear from the above that before the amendment there was no proviso for the date of payment of the consideration for any property. Since there was no any law in respect of the payment for an immovable property at the time of making agreement for the property, the appellant did not pay attention towards the date of payment which was just 1 day after the agreement and ver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment only. There is nowhere mentioned in the said proviso that agreement should be registered agreement. However, the Learned CIT Appeals straightway made remarks that As the agreement is not registered, the agreement dated 19.07.2012 cannot be stated to be a valid legal agreement. Therefore taking the ground that agreement is not registered and adding the income on this ground is unjustified. 6. The Appellant craves leave to add, to alter, to amend the above Grounds of Appeal at the time of hearing. 4. A perusal of the above grounds of appeal shows that the sole issue taken by the assessee in this appeal is regarding value adopted by the Learned Assessing Officer (in short, the 'Ld. AO') of the property purchased by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee, thus, has come up in appeal before this Tribunal. 5. I have heard the Learned Departmental Representative (in short, the Ld. DR) and gone through the records. A perusal of the grounds of appeal as adduced/mentioned above in the shape of arguments of the assessee, it reveals that the assessee explained that the Agreement to Purchase/Sale was executed on 19-07-2012 and the payment through cheque was made. However, the date of cheque was mentioned of the next day i.e. 20-07-2012. The fact itself shows that the part payment was made through cheque as per terms of the agreement. Copy of the bank account has been placed on record, which shows that said cheque that dated 20-07-2012 was cleared on 23/07/2012 and the amount was transferred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration: Provided that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of this sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property; 7. Thereby a provision was made to take the value of consideration as stamp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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