ABBS Gulam Rasool Maknojia vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee had declared his total income at Rs.4,53,870/- by filing his return of income on 30.07.2018, which was selected for limited scrutiny assessment under E-Assessment Scheme, 2019 on the issue of 'Investment in Immovable Property'. The transaction value of the property in question was Rs.63,00,000/- whereas the stamp duty value was Rs.3,11,66,300/. The assessee did not offer the stamp duty valuation to tax in his return of income under the head 'Income from Other Sources' as per Section 56(2)(x) of the Act. The assessee claimed that he had contributed the sum of Rs.17,50,000/- out of total purchase consideration of Rs.63,00,000/-, which is 27.78% of the whole. The property was registered and possession was handed over to them by the builder on completion of the construction of the property during the FY 2017-18. The assessee before the Assessing Officer produced the copy of the agreement for purchase of property and booking letter issued on 25.6.2012.…

Legal Issues

• 1. The assessee's share of the difference of Rs. 1,33,22,000/- should be brought to tax under head 'Income from Other Sources' as per Section 56(2)(x) of the Act.
• 2. The valuation of the property on the basis of stamp duty valuation in the year 2012.

Judgment Outcome

Decided in favour of Assessee.

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