REBA ROY,COOCHBEHAR vs. A.O. WARD 2(1), COOCHBEHAR

The present appeal has been preferred by the assessee against the order of the Commissioner of Income Tax (Appeals)-NFAC, Delhi [hereinafter referred to as ld. ‘CIT(A)’] passed u/s 250 of the Income Tax Act, 1961 (hereinafter the ‘Act’) dated 20.02.2024 for the AY 2020-21.

The sole issue involved in this appeal is relating to the validity of addition of Rs. 72,35,643/- made by the Assessing Officer (hereinafter referred to as ld. 'AO') u/s 56(2)(x) of the Act on the alleged ground that the I.T.A. No.: 721/KOL/2024 Assessment Year: 2020-21 Reba Roy. assessee had purchased various immovable properties for a value which is less than the stamp duty value. 2.1. At the outset, ld. Counsel for the assessee has invited our attention to the registered Gift Deed to submit that the alleged transaction was in fact the gift of immovable property by the mother of the assessee to the assessee vide registered Gift Deed No. I-3940 dated 15.05.2019. Since the aforesaid transaction was by the Class-I relative of the assessee i.e. mother of the assessee to the assessee, therefore, the provisions of Section 56(2)(x) of the Act are not attracted in this case, hence, the impugned addition is not sustainable. Accordingly, the same is ordered to be deleted.