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Judgment
This assessee’s appeal for Assessment Year 2017-18 arises against the C IT(A)/NFAC, De lhi’ s DIN & order No. ITBA/NFAC/S/250/2025-26/1083639410(1) dated 12.12.2025, in proceed ings u/s 147 of the Income Tax Act, 1 961 (in short “the Act”).
Heard both the p arties at length. Case file perused.
It emerges at the outset d uring the co urse of hearing that the assessee/appellant is aggrieved against both the learned lower author ities’ respective assessment and lower appellate findings making section 56(2)(vii)(b)(ii) additio n of Rs.38,76,607/- in her hand s which represents the difference between actual purchase price of Rs.28 ,00,000/- vis-à-vis the stamp valuation of the capital asset concerned to the tune of Rs.66,80,000/-; respectively.
It is in this factual backdrop that the learned counsel not only invites the tribunal’s atte ntio n to the fact duly admitted in both the lower proceedings that the assessee rather carried forward the original agreement dated 10.08.2013 executed by her father thereby stepping into his shoes but also the very agreement duly proves actual payment of the entire sale price of Rs.28,00,000/- therein as we ll. This clinching fact has gone un-rebutted fro m the Revenue sid e.
Faced with this situation, this tribunal hereby invokes first and second pro viso to section 56(2)(vii)(b)(ii) that the fair market value in such an instance very well comes to Rs.28,00,000/- only since the original agreement dated 10.07.2016 had made it clear that the entire purchase consideration stood paid by the assessee’s father/predecessor at the very point of time itself. This tribunal finds merit in the assessee’s instant sole substantive ground to delete the impugned section 56(2)(vii)(b)(ii) addition of Rs.40,45,000/- in very terms. Nece ssary computation shall follow as per law.
This assessee’s appeal is allowed.