Addition u/s 56(2)(vii)(b) - stamp duty value consideration - It ...

Section 56(2)(vii)(b) Not Applicable: Flat Exchange at Same Site Considered Non-New Booking, No Stamp Duty Change.

August 5, 2021

Case Laws Income Tax AT

Addition u/s 56(2)(vii)(b) - stamp duty value consideration - It was not a case of new booking but a case wherein the assessee had merely exchanged the flats at the same site to have better location. The area as well as sale consideration was the same and the new flats got substituted from the date of initial booking which is evident from the conduct of the parties.This being the case, the provisions of Sec. 56(2)(vii)(b) as applicable from 01/04/2014 could not have been applied by Ld. AO - AT

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Addition u/s 56(2)(vii)(b) - stamp duty value consideration - It ...

Section 56(2)(vii)(b) Not Applicable: Flat Exchange at Same Site Considered Non-New Booking, No Stamp Duty Change.

August 5, 2021

Case Laws Income Tax AT

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