Addition u/s 56(2)(vii)(b) - Purchase of property below circle ...

Case Laws Income Tax

August 30, 2023

Addition u/s 56(2)(vii)(b) - Purchase of property below circle rate / stamp value - since the assessee/co-owners has made part payment (part consideration of Rs. 3 Lakhs) by cheque , therefore, the date of agreement as per the proviso to section 56(2)(vii) (b) of the Act should be taken as 25.11.2011. In such a scenario, the stamp duty value as on the date of agreement must be taken for the purpose of taxation under consideration u/s 56(2)(vii)(b). - AT

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Addition u/s 56(2)(vii)(b) - Purchase of property below circle ...

Case Laws Income Tax

August 30, 2023

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