Query on income tax u/s 56(2)(vii)(b)

[Arihant Jain]

Dear Seniors and friends, 

Please guide me on following : 

Facts of the case. 

My client along with 4 family members bought a plot of land for sixty lakh and stamp duty value for same is one crore twenty lakh.

Now A.O. is adding this differential amount as income from other sources.

As per my understanding of law  : 

Which option is more feasible 

1. request to A.O. to refer case to V.D.O.
2. request to A.O.  to pass order adding assessee share of income.
3. request to A.O. to pass order adding full income in the file of assessee whose assessment is under process (if this option feasible) 

I want to go option no.3 is it feasible.

Thanks & Regards

Arihant Jain

9903791266

 

[Milind Shah]

Please ask the AO to prove that there is undisclosed payment made and later go for appeal if he doesn't agree.

Regards

CA Milind Shah

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Regards
CA Milinnd Shah

[nitesh soni]

As per me, if you don't have any objections with the stamp value..then option the is the correct one as the property belongs to all the four parties and not the individual whose assessment is under process.

Hence, ask ito to make proportionate addition to your assessee file.

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[bibekananda pani]

strictly going through provision of law it is income from other sources e but we can file petition stating sale deed has mention in front of registered deed which is again through judiciary which can be refereed to valuation shale  in case of dispute to derive  FMV.IT IS MY  PRESONAL OPINION

  Regard
C.A Bibekananda Pani
Kali Mandir Road, Near Tahsil OfficeChowk
Jharsuguda Mob-+91-94370-59940,
+91-88957-53010,Phone- 06645-270936