TMI BlogRevision u/s 263 - non-invoking the provision of S.56(2)(vii)(b) by AO - There was a valid and lawful...Revision u/s 263 - non-invoking the provision of S.56(2)(vii)(b) by AO - There was a valid and lawful agreement entered by the parties long back in A.Y. 2010-11 only, when the subject property was transferred and substantial obligations were discharged. The law contained in S. 56(2)(vii)(b) as stood at that point of time, did not contemplate a situation of a receipt of property by the buyer with for inadequate construction. Hence, we are of the considered view that the ld. Pr.CIT erred in applyi..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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