Allowing the appeal the Tribunal held that when a part payment was made on execution of agreement i.e. 20-7 2012 and agreement was registered on 28-5-2013, the addition made on the basis of stamp valuation of registered agreement was held to be not justified. The provision amending the section 56(vii)(2)(b) was introduced by the Finance Act, 2013 w.e.f 1-4-2004. (AY. 2014-15)
Ashutosh Jha. v. ITO (2021) 190 ITD 450 (SMC) (Kol.) (Trib.)
S. 56 : Income from other sources-Purchase of property-Part payment was made by cheque next day-Agreement and registration was done after one year-Addition was held to be not justified when the provision was not in exist when the agreement was entered in to. [S. 56(2)(vii)(b)]