ORDER

PER: VIJAY PAL RAO, J.M.

This appeal by the assessee is directed against the order dated 24/08/2018 of the ld. CIT(A), Ajmer for the A.Y. 2015-16. The assessee has raised following grounds:

“Under the facts and circumstances of the case, the ld. CIT(A) has erred in:

1. Confirming the addition of Rs. 15,39,496/- U/s 56(2)(b) of Income Tax Act, 1961 as inadequate consideration.

2. Any other matter with the prior permission of chair.”

2. The hearing of the appeal was concluded through video conference in view of the prevailing situation of Covid-19 Pandemic. The assessee is proprietor of M/s Mahendra Gulkand Works and filed his return of income on 29/09/2015 declaring total income of Rs.7,08,230/-. During the scrutiny assessment, the A.O. noted that the assessee has purchased a Flat No. 3105, E-Wing, Whispering Tower, LBS Marg, Mulund (W), Mumbai for a consideration of Rs. 1,38,03,550/- on 17/09/2014 whereas the Sub-Registrar, Mumbai has determined the market value for the purpose of stamp duty at Rs. 1,53,43,036/-. Accordingly, the A.O. proposed to invoke provisions of Section 56(2)(b) of the Income Tax Act, 1961 (in short, the Act) to make the addition of the differential amount bet