Vipinchandra M. Chokhawala vs. ITO, Ward-1, Dhule

Parties Involved

Facts Summary

The appellant, Vipinchandra M. Chokhawala, filed an appeal against the order of the National Faceless Appeal Centre, Delhi, dated 09.07.2024, passed under section 250 of the Income-tax Act, 1961, for the assessment year 2018-19. The appellant, an individual deriving income under the head 'House Property, Income from Partnership firms, Capital Gains and Income from Other sources', filed a return of income on 04.10.2018, declaring a total income of Rs.78,24,250/-. The Assessing Officer completed the assessment on 03.02.2021, arriving at a total income of Rs.2,47,55,960/-. The AO added Rs.1,69,31,706/- under section 56(2)(x)(b) of the Act, considering the difference between the purchase consideration of a flat and the stamp duty value. The appellant purchased the flat on 16.09.2011, and the stamp duty value was Rs.4,18,62,535/-. The appellant argued that the stamp duty value as on the date of the allotment letter (16.09.2011) should be considered, but the AO and NFAC rejected this contention.…

Legal Issues

• 1. Whether the stamp duty value as on the date of the allotment letter should be considered under section 56(2)(x)(b) of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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