Section 56(2)(vii)(b)(ii) Income Tax Act: No application to property transactions completed in the preceding year.

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 completed in the preceding year then the provisions of Section 56(2)(vii)(b) of the Act cannot be invoked on such transaction .....

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