Addition made u/s.56(2)(vii) - difference in value between the ...

Income Tax Act Section 56(2)(vii) ruling: Pre-amended provisions apply to 2013-14 property valuation discrepancies, ignoring later registration dates.

January 2, 2021

Case Laws Income Tax AT

Addition made u/s.56(2)(vii) - difference in value between the value adopted by the stamp duty authority on the date of registration of the flat (i.e in F.Y. 2013.14) and the actual consideration paid by the assessee - Mere registration at later date would not cover a transaction already executed in the earlier years - The pre-amended provisions will thus apply and therefore the Revenue is debarred to cover the transactions where inadequacy in purchase consideration is alleged. - AT

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Addition made u/s.56(2)(vii) - difference in value between the ...

Income Tax Act Section 56(2)(vii) ruling: Pre-amended provisions apply to 2013-14 property valuation discrepancies, ignoring later registration dates.

January 2, 2021

Case Laws Income Tax AT

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