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The assessee has explained that the flat was booked by the assessee on 10/10/2010 and an amount of Rs. 12,38,090/- was paid as earnest money at the time of booking of the said flat. The assessee produced proof of payment on 10/10/2010 as well as 14/10/2010 of Rs. 2,51,000/- and Rs. 9,87,090/- respectively through cheques. Though, the A.O. has not disputed the payment made by the assessee on 10/10/2010 and 14/10/2010, however, the A.O. has denied this claim of the assessee and taking fair market value of the flat as on the date of booking in view of provisions of Section 43-CA of the Act on the ground that the assessee has not produced any agreement prior to the sale agreement registered on 17/09/2014. The A.O. accordingly, made an addition of Rs. 15,39,496/- being the difference between the stamp duty valuation and the sale consideration shown by the assessee.

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Sec. 56(2)(b) of Income Tax Act, 1961—Income from Other Sources—RADHA KISHAN KUNGWANI vs. ITO.[2020] 28 ITCD Online 028 (ITAT-JAIPUR)