The assessee booked the flat No 4707 with India Bulls Sky suits . Because of restrictions the booking was cancelled and shifted to flat No 3907 in the same project . Since the construction was not materialised the assessee was allotted flat in another project by the name Sky Forest without any change in the\u00a0 terms of the purchase . The formal agreement was entered in to on 4 th May 2015 . There was no change in purchase price fixed for allotmet in 2010 . The AO added the\u00a0 difference between consideration paid and stamp value under section 56(2)(vii) of the Act . On appeal the CIT(A) deleted the addition . On appeal by Revenue dismissing the appeal the Tribunal held that\u00a0 it was the same booking which dated back 24 th September\u00a0 2010\u00a0 and the assessee has not made any extra payment . When the booking was made flat was not in existence and it was a property to be constructed in future date . Order of CIT(A) is affirmed . \u00a0( TS. 450-ITAT-2022 ( Mum) ( AY. 2016 -17) (Dt. 9 -5 -2022)<\/p>\n
\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" S. 56 : Income from other sources \u2013 Flat booked under construction was not constructed \u2013 Alternative flat was allotted in another building which was under construction- Difference between stamp duty value of the alternative flat and the consideration is not chargeable to tax u\/s 56(2)(vii ) of the Act . [ S. 2(27), 54, 56(2)(vii) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29746","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7JM","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29746"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29746\/revisions"}],"predecessor-version":[{"id":29747,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29746\/revisions\/29747"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}