Cherie Tandon Saldahna Vs DCIT (ITAT Mumbai)
Allotment Date Stamp Value Applicable u/s 56(2)(x) – Registration Value Cannot Be Adopted Where Consideration Paid Earlier by Cheque – ITAT Mumbai
AO made addition u/s 56(2)(x) on purchase of flat by adopting stamp duty value on date of registration and treated difference of ₹1.14 Cr as income. Assessee contended that flat was allotted in 2011, full consideration paid through banking channel before allotment and hence stamp value on allotment date should apply as per proviso to Sec 56(2)(x). CIT(A) confirmed addition.
ITAT held that allotment letter constitutes agreement to sell and where consideration or part thereof is paid by non-cash mode prior to agreement, stamp duty value on allotment/agreement date has to be adopted. Registration date value cannot be applied ignoring provisos to Sec 56(2)(x). Tribunal directed AO to recompute addition by adopting stamp duty value as on allotment date and restored issue for limited verification. Appeal allowed for statistical purposes
FULL TEXT OF THE ORDER OF ITAT MUMBAI
The assessee has filed the present appeal against the impugned order dated 13/08/2025, passed under section 250 of the Income Tax Act, 1961 (“the Act”) by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, [“learned CIT(A)”], for the assessment year 2018-19.
