Allowing the appeal of the assessee the Tribunal held that the purchase transaction was completed in the financial year 2011-12 as the assessee has paid the entire consideration and took the possession. It is only the registration of document was pending which was registered in the A.Y. 2014-15, accordingly the amended provision is not applicable hence no addition can be made taking in to value of difference between value on the date of registration and actual consideration. (ITA No. 327/Ran/2018 dt. 20-1-2020) (AY.2014-15)
Bairang Naredi v. ITO (Ranchi) (Trib.) (2020) CTCJ-Feb-P.121
S. 56 : Income from other sources–Registration of agreement– Consideration received preceding year and possession was also taken–Amended provision is not applicable–No addition can be made taking in to value of difference between value on the date of registration and actual consideration. [S. 45, 56(2)(vii)(b)]