ITA No. 1200/KOL/2024 (A.Y. 2015-2016)

Parties Involved

Facts Summary

The assessee, Tamojit Das, filed his return of income declaring a total income of Rs.7,27,020/-. His case was selected for scrutiny assessment, and it was revealed that he had purchased a residential flat jointly with his wife. The Assessing Officer treated the difference between the declared value and the stamp duty valuation as a deemed gift under section 56(2)(vii)(b)(ii) of the Income Tax Act. The assessee appealed against this addition, arguing that the allotment letter from the developer should be considered as an agreement. The Tribunal allowed the appeal, finding that the allotment letter could be equated to an agreement and that the valuation date should be the date of the first payment, not the registration date.…

Legal Issues

• 1. Whether any addition could be made in the assessee's income under section 56(2)(vii)(b)(ii) of the Income Tax Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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