IF AGREEMENT VALUE LESS THAN STAMP DUTY VALUATION , YOU GET NOTICE LIKE THIS
WHILE YOU SUBMIT ITR ADD MONEY DIFFERANCE IN INCOME FROM OTHER SOURCES u/s 56(2)(vii) OR ASK YOUR CA WHERE TO SHOW THIS OR YOU PAY INTREST, PENALTIES IN FUTURE.
ANNEXURE
.
REASONS RECORDED FOR REOPENING
Brief details of the assessee:
The assessee has filed return of income for the A.Y. 2017-18 declaring total income at Rs.
455340/- on 6/25/2017.
2. Brief details of information collected/received by the A.O.:
An information is received from SRO- Boriwali 1, Mumbai that the assessee has
purchased property at Rs. 4000000/- as per agreement value, however the stamp
valuation of the property is at Rs. 4429575/-, thereby agreement undervalued at Rs.
429575/- and violating the provision of section 56(2)(vii) of the I.T.Act 1961.
3. Finding of the A.O.:
Descripttion of information Date of
Transaction
Amount admissible
u/s 56(2)(vii)
Violation of Provision of Section
56(2)(vii).
9/28/2016 Rs. 429575/-
4. Basis of forming reasons to believe and details of escapement of income:
The assessee has purchased immovable property at Rs. 4000000/- as per agreement
value, however as per stamp valuation market value is Rs. 4429575/-. Hence the
property sold/ purchased is undervalued at a price at Rs. 429575/- and thereby
violating the provisions of section 56(2)(vii) of the I.T.A ct,1961. Therefore, it clearly
indicates that the assessee’s main intention is escapement of income and not to pay
taxes.
5. Income chargeable to tax: - Rs. 429575/-.
6. Applicability of the provisions of section 147/151 to the facts of the case:
In this case no assessment was made and the only requirement to initiate proceedings
u/s 147 is reason to believe which has been recorded above referred Para no. 5.
7. In view of the above, it is pertinent to mention here that the provisions of clause (a) of
explanation 2 to section 147 are applicable to the facts of this case and the assessment
year under consideration is deemed to be a case where income chargeable to tax has
escaped assessment.
8. Necessary administrative approval from CCIT-5, Mumbai as per CBDT’s instruction F.No.
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