NARAIN LAL AGRAWAL,JAIPUR vs. DCIT CIRCLE 1 JAIPUR, JAIPUR

ITA 744/JPR/2023Status: DisposedITAT Jaipur25 June 2024AY 2020-2132 pages
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What did the Tribunal hold?

The Tribunal held that the 'letter of allotment' dated 14.07.2014, coupled with part payment through banking channels before the registration date, qualified as an 'agreement fixing the amount of consideration'. Therefore, the assessee was entitled to the benefit of the proviso to Section 56(2)(x).

What were the facts?

The assessee purchased a property where the agreement for booking was made in FY 2014-15, with part payment made then. The purchase deed was executed in May 2019, by which time the stamp duty value had increased significantly. The Assessing Officer (AO) added the difference between the stamp duty value and the purchase consideration under Section 56(2)(x).

What were the issues?

Whether a letter of allotment, along with part payment, constitutes an 'agreement fixing the amount of consideration' for the purpose of the proviso to Section 56(2)(x) when the registration date is later than the agreement date.

Which sections of the Income-tax Act were involved?

Section 56(2)(x)

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Cases cited in this judgment(6)Show list

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Income Tax Appellate Tribunal, JAIPUR BENCHES, A JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM

PER: RATHOD KAMLESH JAYANTBHAI, AM The present appeal filed by assessee aggrieved from the order of the National Faceless Appeal Centre, Delhi dated 19/10/2023 [here in after (NFAC)/ Id. CIT(A)] for assessment year 2020-21. The said order of Id. CIT(A) on account of the assessment order passed on 22.09.2022 by the assessment unit of National Faceless assessment unit [ here in after referred as Id. AO ] under section 143(3) of th

The order continues below.

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