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In support of the above, it may please be noted that the language used in the said section is "where" an individual or HUF receives in any previous year ... ..." The legislature would have used the term "as a result of transfer" as has been used in the provisions of section 50C and section 43CA of the Act, had there been any intention on their part to tax the excess of stamp duty value over actual consideration in the hand of recipient even in case of sale of Immovable property. Therefore, they have not intended to tax the said difference in the hand of transferee in case of sale by conveyance deed and only purpose was to tax in case of gift.

Having all the aforesaid provisions and amendments made therein from time to time, it is understood that it was completely intended to tax transfer of money immovable property under the guise of gift and not transfer of immovable property by executing conveyance deed duly registered by a competent authority.

It is important to note that provision of section 56(2)(vii) applicable in case of transferee of immovable property covers only Individual or HUF, whereas provisions of section 50C/43CA applicable to the transferor of the property cover all the assessee. It implies that if the transferee of property is a person other than individual or HUF i.e. a Company, Firm, LLP etc., provision of section 56(2)(vii) shall not be applicable. Thus, if an immovable property is purchased by a person other than an individual or HUF for a consideration which is less than Stamp Duty Value / Circle Rate, there will not be any implication or attraction of the provision of this section. There is however nothing explicit as to why only individual and HUF have been brought into the ambit of this section and as to why other persons have been left out. The only broad rationale one can gesticulate & comprehend is that the origin of the provision of section 56(2)(vii) relates to the introduction of the concept of gift/deemed gift into the income Tax Act after the abolition of Gift Tax Act an since the gift tax used to affect largely to individual and HUF, the applicability of this provision has also been restricted to individual and HUF only.

'one of the basic ingredients for making addition U/s 56(2)(vii)(b)(ii) is stamp duty value adapted by the state agency on which stamp duty was paid.

At the same time the stamp duty value have been also basis for determining taxable income U/s 50C and U/s 43CA of the Act. therefore, legal validity of adapting stamp duty value in determining Gautam Bhakat Vs. ITO Wd-23(2), Hgy. Page 4 taxable income is of great importance and required to be considered either for section 50C or section 56(2)(vii) of the Act. Here I would like to rely on the following judgments wherein legal validity of stamp duty value has been ruled out and considered to be irrelevant for the purpose of determining taxable income.