S. 56 : Income from other sources-Stamp value-Market value of flat on agreement date is to be considered and not the value of registration of sale agreement-Addition is deleted. [S. 45, 56(2)(vii)(b)]

The assessee was allotted flat on 17-10-2011 for consideration of Rs.70 lakhs. The flat was registered on 23-7-2013. The stamp value as on date of registration was Rs.1,00,2850. The AO made addition of Rs. 30,28,500/- u/s. 56(2)(vii)(b) of the Act treating the stamp value on the date of Registration. Order of AO is affirmed by the CIT(A). On appeal allowing the appeal of the Assessee the Tribunal held that the value as on date fixing the price for purchase price i.e. 17-10-2011 (Date of allotment letter) should be adopted. Tribunal relied on following judgements, Siraj Ahmed Jmalbhai Bora v. iTO (ITA No. 1886/M/2019 dt. 28-10-2020 (Mum.)(Trib.), Radha Kisan Kungwani v. ITO (2020) 185 ITD 433 (Jaipur)(Trib.), Saanjay Dattatraya Dapodikar v. ITO (ITA No. 1747/PN/2018 dt. 30/4/2019 (Pune)(Trib.), Ashutosh Jha v. ITO ( ITA No. 188 /Ranchi 2019 dt. 30-4-2021 (Ranchi)(Trib.), Dy. CIT v. Deepak Sashi Bhusan Roy (ITA No. 3204 & 3316/M/2016 dt. 30-7-2018 (Mum.)(Trib.), Mohd Ilyas Ansari v. ITO (ITA No. 6174/M/2017 dt. 6-11-2020) (Mum.)(Trib.) (ITA No. 56/Mum/2021 dt. 5-9-2022. (AY. 2014 -15 )
Sajjanraj Mehta v. ITO (Mum.)(Trib.) www.itatonline.org
[Coram : Shri Pavan Kumar Gadale, Judicial Member and Shri Gagan Goyal, Accountant Member]