Addition u/s. 56(2)(vii)(b) - difference between the Stamp Duty ...
Dispute Over Stamp Duty Valuation vs. Actual Payment in Property Sale u/s 56(2)(vii)(b) of Income Tax Act.
December 13, 2022
Case Laws Income Tax AT
Addition u/s. 56(2)(vii)(b) - difference between the Stamp Duty valuation and the actual consideration paid - In the instant case, on the date of allotment the building was under construction and even on the date of registration of sale deed the assessee had not taken possession of the immovable property. Assessee had acquired right in the ownership of flat at the time of issuance of allotment letter. Therefore, in the facts of the case stamp duty value as on the date of allotment of flat is relevant. - AT
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