Income from other sources u/s 56 (2) (x) - purchased the ...

Tribunal Confirms Additional Tax Due to Property Valuation Discrepancy u/s 56(2)(x)(b) of Income Tax Act.

February 28, 2024

Case Laws Income Tax AT

Income from other sources u/s 56 (2) (x) - purchased the property - difference between the valuation adopted by the district valuation officer and actual consideration - While the appellant asserts the necessity of establishing "on money" payments to warrant taxation under the Act, the tribunal maintains that the absence of such evidence does not preclude the application of anti-avoidance provisions. - The tribunal upholds the decision of the CIT(A) to confirm the addition u/s 56(2)(x)(b), holding the appellant liable for the additional tax resulting from the disputed property valuation.

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Income from other sources u/s 56 (2) (x) - purchased the ...

Tribunal Confirms Additional Tax Due to Property Valuation Discrepancy u/s 56(2)(x)(b) of Income Tax Act.

February 28, 2024

Case Laws Income Tax AT

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