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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/250/2025-26/1083905805(1) dated 19.12.2025, 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.
Coming to the assessee’s sole substantive grievance herein, it is no ticed at the outset that she is aggrieved against both the learne d lower authorities’ action invoking section 56(2)(vii)(b) additio n of Rs.13 ,44,519/- representing the differe nce between purchase price of the immovable property in question to the tune of Rs.19 ,38,081/- as against stamp value thereof amounting to Rs.32,82,600/-; respectively, in assessment orde r dated 08.03 .2025 as upheld in the lower appellate discussion.
Faced with this situation, I here by notice fro m a perusal of the case records that the original agreement regarding the purchase of capital asset in issue was acco mpanied by the advance payme nt through cheque to the tune of Rs.11,98,000/; by the assessee ’s predecessor in interest Ms. Bhanu Pratap Singh in favour of Sushant Golf city/developer, Lucknow ( UP). This being the clinching factual position, it emerges that st n d section 56(2)(vii)(b) 1 and 2 proviso(es) make it clear that such a payme nt made throug h specified channel is to be treated as the fair market value of the asset in question which squarely applies in the assessee’s favour . I accordingly delete the impugned additio n of Rs.13 ,4 4,519/- in very terms.
This assessee’s appeal is allowed.