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TMI Blog2022 (5) TMI 265X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts of the case submitted that the assessee had purchased a Flat No.1104 in Zircon Building a Project of Nirmal LifeStyle for a consideration of Rs.68,45,550/-. The assessee had paid earnest money for purchase of the aforesaid flat on 16/04/2010. Thereafter, an agreement was executed between the assessee and Nirmal Lifestyle Ltd. on 31/03/2013. The stamp duty for execution of the agreement was paid by the assessee on 18/3/2013. In support of his contention the ld. Authorized Representative for the assessee referred to the receipt dated 18/03/2013at page 5 of the Paper Book and copy of non- judicial stamp paper and the copy of agreement at page 6 and 10 to 58 of the Paper Book. The ld. Authorized Representative for the assessee pointe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rely for the reason that the agreement was registered on 02/04/2014 i.e. during the period relevant to the assessment year under appeal, the amended provisions would not get attracted. In support of his contention the ld. Authorized Representative for the assessee placed reliance on the decision rendered in the case of Bajrang Lal Naredi vs. ITO in ITA No.327/RAN/2018 decided on 20/01/2020. 3.1 The ld. Authorized Representative for the assessee made an alternate submission that the CIT(A) while referring matter for valuation to DVO has erred in seeking valuation as on 31/03/2013 instead of 16/04/2010. The ld. Authorized Representative submitted that the assessee had paid earnest money on 16/04/2010, therefore, the CIT(A) should have sought ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee against addition made u/s. 56(2)(vii)(b)(ii) of the Act is that since the assessee had paid stamp duty and had executed the agreement on or before 31/03/2013, amended provisions of section 56(2)(vii)(b)(ii) of the Act would not get attracted. The sub clause (b) to section 56(2)(vii) was amended by the Finance Act, 2013 w.e.f. 01/04/2014 i.e. from Assessment Year 2014-15. As per the amended provisions, where an individual or HUF receives in any previous year any immovable property for a consideration which is less than stamp duty value of such property, the Assessing Officer can made addition of the difference between the stamp duty value and the consideration paid. Prior to amendment by the Finance Act, 2013 there was no provisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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