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53. Tamojit Das vs. ITO
ITA No. 1200/Kol/2024
A.Y.: 2015–16
Date of Order: 3rd October, 2024
Section:56(2)(vii)
Allotment letter issued by developer constitutes an agreement for the purpose of proviso to section 56(2)(vii)(b).
FACTS
The assessee has filed his return of income declaring total income of ₹7,27,020. In the course of assessment proceedings, the Assessing Officer (AO) noticed that the assessee has purchased a residential flat jointly with his wife Smt. Gargi Das through Deed of Conveyance, which was registered on 28th October, 2014 before District Sub-Registrar-II, South 24-Parganas. The value of the said transaction was declared by the assessee at ₹24,05,715 as against stamp duty valuation of ₹38,74,500.
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