Tax Dispute Over Joint Property: Assessing Officer Challenges Stamp Duty Valuation Date for Income Tax Purposes.

Addition u/s 56(2)(vii) - Joint property purchased - AO directed that the stamp duty value on the date of allotment in the case of the assessee on 16.10.2010 be taken for the purpose of Section 56(2)(vii)(b) of the Act and not stamp value as on the date of registration of sale deed . No merit in the findings of the Ld. CIT(A) that before the registration of the flat only other co-owner i.e. Ajay Kumar Singh husband of the assessee has made payment. Since, it is joint property owned by assessee and her husband and its immaterial who had made payment before the date of registration of the property. - AT .....

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