9911796707
TMI Blog2023 (1) TMI 1253X X X X Extracts X X X X X X X X Extracts X X X X ..... No.2505 in Tower C of project "Sky City" developed by M/s Incline Realty P Ltd (Oberoi reality). The second property is Flat No.204 in Veronica of Project Oasis developed by M/s Neepa Real Estates P Ltd. 3. (a) In respect of first property, the assessee submitted that he had booked the flat in 2016, vide allotment letter dated 25.01.2016 for a sum of Rs.2,71,42,500/-, which was later reduced to Rs.2,62,76,121/- due to variation in the rate of VAT. The agreement was later executed and registered on 8.12.2017. (b) In respect of second property, the assessee submitted that he had booked the flat in 2011, vide allotment letter dated 28th December, 2011 for a sum of Rs.1,20,15,000/-. Subsequent to booking of flat, there was a minor increase in the size of the flat and hence the sale consideration was increased to Rs.1,28,48,000/-. The agreement was later executed on 30.11.2017 and registered on 08.12.2017. 4. The assessee submitted that as per the first and second proviso to sec. 56(2)(x) of the Act, the stamp duty value on the date of agreement should be taken for the purpose of sec. 56(2)(x). The provisions of sec. 56(2)(x) are extracted below:- "56. (1) Income of every kind whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asset under those sections;" The assessee submitted that the allotment letter should be considered as "date of agreement" referred to in the first and second proviso. He further submitted that the assessee has made part payments in those years. It was submitted that the payment for the first property was made in October and November 2015 to the tune of Rs.56.60 lakhs. The payment of second property was made in November, 2010 itself to the tune of Rs.23.20 lakhs. Accordingly, it was contended that the AO should not consider the stamp duty valuation as on the date of execution of Agreement to sale, for the purpose of sec.56(2)(x) of the Act and he should have considered the stamp duty valuation as on the date of letter of allotment. 5. The AO did not agree with the submissions of the assessee. By placing reliance on the decision rendered by Mumbai bench of Tribunal in the case of Sujauddian Kasimsab Sayyed vs. ITO (ITA No.5498/Mum/2018 dated 10-06- 2019, the AO held that the stamp duty valuation as on the date of execution of agreement to sale should alone be considered for the purposes of sec.56(2)(x) of the Act. Accordingly, the AO added the difference amount of Rs.25,73,061, re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. 9. On the contrary, we are of the view that the decision rendered by another co-ordinate bench in the case of Mr Sajjanraj Mehta (supra) is applicable to the facts of the present case. The decision rendered in the case of Mr Sajjanraj Mehta by the co-ordinate bench is extracted below, for the sake of convenience:- "10. We have gone through the order of the A.O, Ld. CIT(A) and various submissions of assessee dated 06-10-2021. Vide pg no-23 to 27 of paperbook we have observed the payment made by the assessee to the developer on 17-102011 amounting to Rs 14 lacs vide cheque no 906740, Bank of Maharashtra to enter into an agreement cum acknowledgement of payment made and other terms and conditions about the property. This agreement between assessee and developer clearly confirms the amount of consideration along with other terms and conditions relating to levy of stamp duty, service tax and other charges to be paid by the assessee. 11. The finding of the A.O vide pg no-4, para-2.6 wherein he observed that assessee has deposited Rs 14 lacs with the developer to year mark the said premises for Rs 70 lacs. Even if for the time being it is assumed that this agreement is merely a le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent made by assessee towards booking of flat c) Sanjay Dattatraya Dapodikar v/s ITO Ward - 6(2), Pune ITA No. 1747/PN/2018 dtd. 30/04/2019(Pune) (Trib) Where date of agreement for fixing amount of consideration for purchase of a plot of land and date of registration of sale deed were different but assessee, prior to date of agreement, had paid a part of consideration by cheque, provisos to section 56(2)(vii)(b) being fulfilled, stamp value as on date of agreement should be applied for purpose of said section d) Ashutosh Jhavs. ITO Ward-2(5), Ranchi ITA No. 188/Ranchi/2019 dtd. 30/04/2021, [190 ITD 450 (Kolkata - Trib.).] Where assessee purchased a property and made part payment of sale consideration by cheque on very next day of execution of purchase agreement and registry was done after a year, since such part payment made by cheque on very next day of execution of agreement was towards fulfilment of terms of purchase contract itself and there was no mala fide or false claim on part of assessee, no addition could be made on account of difference between amount of sale consideration for property shown in purchase agreement and stamp duty value of said property on date of re ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
