Addition u/s 56(2)(vii) - As regards the contention of the CIT ...

Income Tax

August 6, 2020

Addition u/s 56(2)(vii) - As regards the contention of the CIT D/R this is only a paper transaction, we note that the AO has not doubted the transaction either during the course of assessment proceedings or during the course of remand proceedings. Therefore, such a plea cannot be considered or accepted which is contrary to the stand of the AO. Even otherwise, the LD. CIT D/R can only support the order of the AO and cannot improve the same. Further, if the transaction itself is not a genuine transaction, then the question of applying the provisions of section 56(2)(vii) does not arise. - AT

View Source

← Previous Next →

Addition u/s 56(2)(vii) - As regards the contention of the CIT ...

Income Tax

August 6, 2020

You may also like:

Addition u/s 56(2)(vii)(b) - valuation of land purchased by assessee - deemed gift under section 56(2)(vii)(b)(ii) - Assessee submitted that, actual deed could not be...

Addition u/s 56(2)(vii)(b) - AO referred the valuation of property to Valuation Cell and DVO - difference between the DVO value and consideration paid for purchase of...

Addition u/s 50C r.w.s. 56(2)(vii) (b) - the buyer of the property - The Tribunal (ITAT) ruled that since the assesses were buyers, Section 50C did not apply, and...

Addition u/sec. 56(2)(vii) - Difference in value of agricultural land purchased from value of property for stamp duty purpose - The Tribunal examined the discrepancy in...

Addition u/s.56(2)(vii)(c) - income from transaction of shares - there is not even a whisper about money laundering - This object behind introduction of section...

Addition made u/s 56(2)(vii)(b)(ii) on account of purchase of immovable property - inadequate consideration - Once the transaction of purchase of property in question is...

Deemed income from purchase of shares - purchases at lower price than FMV - addition u/s 69 OR u/s 56 (2)(vii)(C) - asset that has been transferred in this transaction...

Addition u/s 56(2)(vii)(b)(ii) - difference between the stamp duty value and purchase value of agricultural land (immovable property) - the agricultural land purchased...

Addition of deemed income u/s 56(2)(vii)(b) - difference in purchase price and stamps authority valuation - Addition made by lower-authorities is mandated by section...

Addition u/s. 56(2)(vii) - difference between the stamp duty guideline value and purchase consideration i.e. 50 percent u/s 56(2)(vii)(b) - the Department cannot be...

Addition made u/s. 69/69B - difference between the stamp duty value and the sale consideration with respect to purchase of property - family settlement to constitute...

Addition u/s 56(2)(vii)(b)(ii) - FMV of property - The events subsequent to the transaction of “transfer” of the immovable property under consideration will have no...

Addition u/s 56(2)(vii)(c) - related person - allotment of equity shares @ Rs. 10/- - book value of shares prior to allotment worked out at Rs. 552/- per share - the...

Income from other sources u/s 56(2)(vii) - ancestral property transaction - property was already acquired on power of attorney from the original/legal owners - it is...

Purchase of two industrial plots of land - addition as Income from other sources u/s 56(2)(vii)(b)(ii) - the fact that the proviso is applicable in the instant case does...

Quick Updates: