Purchase of two industrial plots of land - addition as Income ...

Industrial land purchases taxed as income u/s 56(2)(vii)(b)(ii); agreement date sets stamp duty value.

February 6, 2021

Case Laws Income Tax AT

Purchase of two industrial plots of land - addition as Income from other sources u/s 56(2)(vii)(b)(ii) - the fact that the proviso is applicable in the instant case does not take the impugned transactions of purchase of industrial plot of lands out of the applicability of provisions of section 56(2)(vii)(b)(ii) of the Act as so contended by the ld. AR. All that it provides is that it shifts the determination of stamp duty value as on the date of agreement rather than the date of registration of the sale deed. - AT

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Purchase of two industrial plots of land - addition as Income ...

Industrial land purchases taxed as income u/s 56(2)(vii)(b)(ii); agreement date sets stamp duty value.

February 6, 2021

Case Laws Income Tax AT

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