Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 224 - AT - Income TaxInclusion of stamp value of the common pathway for making addition U/s.56(2)(vii)(b) - Held that:- The stamp value of the assessee’s share in the land jointly acquired by them is ₹ 48.48,000/- which is 1/3rd of 1,45,44000/- being the stamp value of the total extend of land. The actual purchase consideration declared by the assessee is only 27,00,000/-. Therefore the Revenue authorities are right in invoking the provisions of Section 56(2)(vii)(b) and making addition of ₹ 21,48,000/- which is nothing other than the excess of actual purchase consideration over stamp value of the property acquired by the assessee viz., 48,48,000 (-) 27,00,000/-. Therefore the appeal of the assessee is devoid of merits. Hence we hereby uphold the Orders of the Ld.Revenue Authorities. - Decided against assessee
|