TMI Blog2023 (5) TMI 732X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the property. Thus, it is the plea of the assessee that invocation of section 56(2)(vii) is itself wrong. We find ourselves in agreement with the proposition that the sanguine provision of concerned section duly mandate that value of property purchased has to be less than circle rate for the difference to be added. Hence, we allow the additional ground raised by the assessee. Hence, the assessment is held to be invalid. Decided in favour of assessee. - ITA No.24/DEL/2022 And ITA No.26/DEL/2022 - - - Dated:- 11-5-2023 - Shri Shamim Yahya, Accountant Member And Shri Anubhav Sharma, Judicial Member For the Assessee : Sh. Ajay Wadhwa, Adv And Ms. Ayushi Gupta, CA For the Revenue : Sh. T. Kipgen, CIT-DR ORDER PER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessing officer erred in making addition by using the report of the DO which was never confronted to the appellant. No specific notice was issued nor any opportunity was allowed to submit explanations. The addition is based on surmises, conjectures and on hypothetical reasonings. 4. That the penalty initiated under section 271AAB(1) and thus interest charged under section 234A/B/C is thus illegal and bad in law. 4. The assessee has raised additional grounds which read as under:- 6. The Assessing Officer has erred in law and in facts in invoking the provisions of section 56(2)(vii) of the Act without considering the fact that the property was purchased at the circle rate and there was no understatement whatsoever. Hence, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al income under this Act shall be chargeable to income-tax under the head Income from other sources , if it is not chargeable to income-tax under any of the heads specified in section 14, items A to E. (2) 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 : (vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 but before the 1st day of April, 2017, (b) any immovable property, (i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessable by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer; (b) the value so adopted or assessed or assessable by the stamp valuation authority under sub-section (1) has not been disputed in any appeal or revision or no reference has been made before any other authority, court or the High Court, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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