9911796707
TMI Blog2024 (1) TMI 1003X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of any specific finding, hence, rejected. 3. Ground nos. 1 & 2 revolve around a single issue namely whether ld. CIT(A) is justified to confirm the addition of Rs. 32,93,730/- which was added by the Assessing Officer (in short ld. 'AO') u/s 56(2)(x) of the Act whereas the flat was booked by the assessee in FY 2014-15 and all payments were made through banking channel. 4. The brief facts of the case are that the assessee has filed his return of income on 07.08.2018 declaring total income at Rs. 5,40,120/-. The case of the assessee was selected for scrutiny assessment and a notice u/s 143(2) of the Act was issued and served upon the assessee. During the course of assessment proceeding, it revealed to the AO that this case has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge the transaction itself and not submitting any details/documentary evidence with respect to the same, the entire amount invested in the immovable property amounting to Rs. 32,93,730/- is taxable u/s 69 of the I.T Act, 1961 as unexplained investments. A show cause notice was issued to the assessee on 07.04.2021 for explanation on or before with regard to the above mentioned addition in the computation of Income for the A.Y- 2018-19. The assessee submitted the reply as under: ...........The transaction of purchase of one Immovable property of Rs. 32,93,730/- Sir as I have already informed earlier vide my letter dated 18.02.2021 submitted to you on 18.02.2021 vide acknowledgement No 18022114204385 that this transaction of purchase/sale o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal evidence filed by the assessee but paperbook were filed before the AO as well as before ld. CIT(A). On page no. 72-73 the assessee has submitted as to how written submission along with documents have been placed before the Income Tax Authority by way of several letters. He further, drew our attention to page no. 1 and submitted that this flat was allotted to the assessee on 11.05.2015. The assessee has placed on record copy of the allotment letter issued by Shree Ganesh Vaishno Developers. In this letter it has been mentioned that the said flat is booked for Rs. 32,93,730/- and the assessee had made payment of Rs. 5,01,000/- through account payee cheque dated 12.02.2015. Thereafter, the assessee has been making the payments through inst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; (b) any immovable property- (A) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; (B) for a consideration, the stamp duty value of such property as exceeds such consideration, if the amount of such excess is more than the higher of the following amounts, namely- (i) the amount of fifty thousand rupees; and (ii) the amount equal to ten per cent of the consideration: Provided that where the date of agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ropriate to set aside this issue to the file of the AO with the following directions: a) The ld. AO first find out the stamp duty valuation of the property as on 11.05.2015 and if it is more than Rs. 32,93,730/- then that amount is to be worked out for the purpose of considering it as deemed fit. b) In case a positive difference is found which is required to be considered as deemed gift in the hands of the assessee then ld. AO shall call for the report of DVO for determining the fair market value of the flat as on 11.05.2015. c) The AO shall consider the fair market value determined by the DVO as well as the value of Stamp Valuation Authority and whichever is the lower is to be adopted for considering the value of the property as on 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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