Income from other sources - difference in the value of the ...

Case Laws Income Tax

May 20, 2021

Income from other sources - difference in the value of the property purchased by the assessee - The provisions of section 56 of the Act are for the purpose of the assessment of capital gains. Such deeming provisions do not suggest that the assessee had actually paid the consideration more than that was mentioned in the agreement or sale deed. The impugned addition made by the Ld. AO on the basis of deeming provisions and taking the difference as unaccounted income of the assessee is not sustainable in the eyes of law. - AT

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Income from other sources - difference in the value of the ...

Case Laws Income Tax

May 20, 2021

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