Nilesh Bhawnani v. Income-tax Officer, Ward- 32(3), Kolkata
[Citation -2019-LL-0913-3]
| Citation | 2019-LL-0913-3 |
|---|---|
| Appellant Name | Nilesh Bhawnani |
| Respondent Name | Income-tax Officer, Ward- 32(3), Kolkata |
| Court | ITAT-Kolkata |
| Relevant Act | Income-tax |
| Date of Order | 13/09/2019 |
| Assessment Year | 2014-15 |
| Judgment | View Judgment |
| Keyword Tags | purchase consideration • date of agreement • conveyance deed • cheque payment • difference in purchases • stamp duty valuation |
| Bot Summary: | It transpires during the course of hearing that the assessee s sole substantive ground challenges correctness of both the lower authorities action making sec. 56(2)(vii)(b) addition of 5,74,548/- on account of difference in sale / purchase consideration of the property as per the agreement dated 15.04.2012 amounting to 50 lacs the registered conveyance deed executed on 05.07.2013 for stamp value of 1,11,65,000/- as against the DVO s valuation coming to 55,74,548/-; respectively. We have given our thoughtful consideration to rival contentions against and in support of the impugned addition as per assessee and Revenue s stands. It emerges during the curse of hearing that the assessee had paid 20 lacs through cheque No.000050 dated 04.04.2012 through his Bank of India account to the vendor concerned as evident from page 57 in the paper book forming part of the agreement dated 15.04.2012 to this effect. 56(2)(vii)(B) clause-2 read with first and second proviso thereto making it clear that the former one applies to adopt stamp value on the date of agreement in case the transfer of the property and registration are not the same whereas the latter proviso makes it explicitly clear that former shall apply only in a case where the amount of consideration refer to therein, or a part thereof, has been made by any mode other than cash or on or before the date of the relevant agreement. We re-emphasise that the assessee s cheque payment is dated 04.04.2012. It had entered into the corresponding agreement to purchase on 15.04.2012. |