Addition u/s 56(2)(vii) - relevant Section 50C cannot be invoked ...

Court Rules Section 50C Inapplicable to Buyers; Section 56(2)(x) Doesn't Apply to LLPs Before 2018-19 Assessment Year.

October 13, 2022

Case Laws Income Tax AT

Addition u/s 56(2)(vii) - relevant Section 50C cannot be invoked as the said section is applicable in the case of seller of the property only while the appellant is a buyer. Section 56(2)(vii)(a) and Section 56(2)(vii)(b) of the Act are also not applicable in case of partnership firm or LLP and the assessee is a LLP. - Section 56(2)(x) which may be applicable in case of partnership firm or LLP was introduced with effect from A.Y. 2018-19 while the present case is with regard to A.Y. 2015-16. - AT

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Addition u/s 56(2)(vii) - relevant Section 50C cannot be invoked ...

Court Rules Section 50C Inapplicable to Buyers; Section 56(2)(x) Doesn't Apply to LLPs Before 2018-19 Assessment Year.

October 13, 2022

Case Laws Income Tax AT

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