9911796707
TMI Blog2024 (7) TMI 1486X X X X Extracts X X X X X X X X Extracts X X X X ..... was dismissed. Therefore, the assessee is in appeal before us. 2. Brief facts of the case show that the assessee is an individual and is regularly assessed to income tax. During the year the assessee has shown income in the form of remuneration, interest on capital and share of profit from partnership firm. The assessee has filed its return of income on 29/12/2024 at a total income of Rs. 12,50,380/-. 3. Assessee has entered into an agreement with the builder in the year 2013 to purchase of flat. This flat was registered on 22/11/2019 and the value of the said flat was taken at Rs 183,20,000. The market value of the said flat is Rs. 25,264,500/- thus there was a difference of Rs. 6,944,500. The assessee was asked to explain the same. As t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with that assessee is in appeal before us. Assessee submits that the delay in filing of the appeal was due to sufficient reason and therefore it should have been condoned. Assessee submits that the delay is nominal, without any mala fide intention, no benefit accrued to the assessee in filing the delayed appeal. Therefore, the learned CIT appeal should have condoned it. 6. On the merits of the case, he submits that the difference between the consideration and Stamp duty value is just Rs. 595,000. Therefore, it falls within the tolerance limit, the addition should not have been made. 7. The learned departmental representative vehemently stated that the assessee could not convince the learned CIT - A about sufficient cause in filing the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at provisions of section 50C will also apply to such provision. Thus, it is apparent that provisions of section 50C are applicable to the seller and provisions of section 56(2)(x) applies to the buyer. At present the benefit of 10% of the tolerance limit is provided under section 50C and the same tolerance limit also applies to provisions of section 56(2)(x) of the act. Therefore, in the present case the benefit of 10% of the tolerance limit should be allowed to the assessee as if it has operated since the inception of the provisions of section 56(2)(x) and section 50C of the act. In view of this, the addition made in the hands of the assessee is not in accordance with the law and hence the learned assessing officer is directed to delete th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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