Addition u/s 56(vii) - Addition on account of alleged ...

Property Sale Under Scrutiny: Section 56(vii) Examines Alleged Under-Valuation, No Extra Tax Liability for Son Confirmed.

June 10, 2021

Case Laws Income Tax AT

Addition u/s 56(vii) - Addition on account of alleged under-valuation - Since, in the instant case, the assessee has sold her 12.5% share in the property to her son at the prevailing circle rate and there is no evidence on record that the assessee has received something more than the amount mentioned in the sale deed and there is no addition in the hands of the son of the assessee on account of such extra payment made for purchase of the property - AT

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Addition u/s 56(vii) - Addition on account of alleged ...

Property Sale Under Scrutiny: Section 56(vii) Examines Alleged Under-Valuation, No Extra Tax Liability for Son Confirmed.

June 10, 2021

Case Laws Income Tax AT

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