SURAJMAL MISTRY HUF,MUMBAI vs. INCOME TAX OFFICER, WARD 22(3)(4), MUMBAI

IN THE INCOME TAX APPELLATE TRIBUNAL
MUMBAI “SMC” BENCH, MUMBAI

BEFORE SHRI NARENDER KUMAR CHOUDHRY, JM

आयकर अपील सं./ITA No.5830/MUM/2024
(
नधारण वष / Assessment Year :2015-16)

Surajmal Mistry HUF
401, Exclusive Tower, Tagore
Road, Santacruz (West),
Mumbai-400054
Vs.
ITO,Ward-22(3)(4), Mumbai
304,
Piramal
Chambers,
Lalbaug, Parel,
Mumbai-400012

थायी लेखा सं./PAN No. : AAJHS1615L
(अपीलाथ /Appellant)
..
(यथ / Respondent)

िनधारती की ओर से /Assessee by :
Shri Jitendra Singh, AR
राजव क ओर से /Revenue by :
Shri Kiran Unavekar, Sr. DR.

सुनवाई क तारख / Date of Hearing
: 15/01/2025
घोषणा क तारख/Date of Pronouncement
: 28/02/2025

आदेश / O R D E R

PER NARENDER KUMAR CHOUDHRY:

This appeal has been preferred by the Assessee against the order dated 19.09.2024 impugned herein, passed by the National Faceless
Appeal Center (NFAC)/ Ld. Commissioner of Income Tax (Appeals) (in short Ld. Commissioner) under section 250 of the Income Tax Act, 1961
(in short 'the Act') for the A.Y. 2015-16. Surajmal Mistry HUF

2
2. In this case, the Assessee had purchased two commercial properties bearing numbers 306 & 307 at Rustomjee Sterling, 14B, SV
Road, Santacruz (W), Mumbai 400 054, on a consideration of Rs.76,66,779/- & Rs.1,30,82,298/- respectively, as against the stamp duty value as on 2010 to the tune of Rs.1,79,59,500/- and Rs.2,76,95,500/- respectively, as per stamp duty valuation and therefore the Assessing
Officer (AO) show caused the Assessee “as to why the differential amount of the stamp duty valuation and the purchase value be not added in the income of the Assessee”. The Assessee in response to show cause, responded and submitted that booking of the said properties has been made in the year 2010 and payments were spread over the years 2010-11, 2011-12 and 2014-15. The AO verified the claim and the payment schedule of the properties and observed the difference of Rs.28,85,923/- in both the properties in the purchase value declared and stamp duty value. For brevity, the calculation is reproduced herein below:

Particulars
Property-1 (Unit No.
306)
Property-2 (Unit
No. 307)
Total
Stamp duty value of 2010
90,44,500/-
1,45,90,500/-
Purchased value
76,66,779/-
1,30,82,298/-
Difference
13,77,721/-
15,08,202/-
28,85,923/-