ANUPAM GUHA,KOLKATA vs. INCOME TAX OFFICER 25(1), KOLKATA

This appeal filed by the assessee is directed against the order dated 29.11.2024 of the NFAC, Delhi (hereinafter referred to as the “CIT(A)”) passed u/s 250 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) for the assessment year 2020–21.

The appeal has been filed by the assessee with a delay of 174 days and the assessee has filed an affidavit for condonation of the delay. After going over the said affidavit, we find sufficient reasons behind the delay and consequently, the delay in filing the appeal is hereby condoned and we proceed to dispose of the appeal on merits.

Brief facts of the case are that the assessee filed Return of Income declaring income of Rs.17,33,480/- for Assessment Year 2020-21. The case was selected for scrutiny under "CASS" by issue of notice u/s 143(2) of the Act. The AO completed assessment vide order section Anupam Guha 143(3) read with section 144B of the Income tax Act determining total income at Rs. 1,16,62,959/- by making addition of Rs.99,29,179/- on account of difference between stamp duty value and purchase value by invoking provisions of section 56(2)(x) of the Act.

Aggrieved and dissatisfied, the assessee is in appeal before us. At the time of hearing, the Ld. AR submitted that the Ld. CIT(A) erred in upholding the addition of Rs.99,29,719 u/s 56(2)(x) without considering the fact that the said land was stock in trade and was not covered in definition of property referred to in section 56(2)(x) and also the Ld. CIT(A) did not refer the case to the Departmental Valuation Officer to analyse the actual difference between the stamp duty value and purchase consideration depending upon the current market situation. The ld. further submits that the ld. CIT(A) passed an ex parte order without going into the merits of the case. The prayer of the assessee is that the matter be remitted back to the file of the Assessing Officer for fresh consideration.