Addition u/sec. 56(2)(vii) - Difference in value of agricultural ...

Case Laws Income Tax

May 10, 2024

Addition u/sec. 56(2)(vii) - Difference in value of agricultural land purchased from value of property for stamp duty purpose - The Tribunal examined the discrepancy in valuation and noted that it was within the statutory tolerance margin of 10%. Referring to relevant case law, the Tribunal held that the tolerance margin applied retrospectively, thereby deleting the additions made under section 56(2)(vii).

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Addition u/sec. 56(2)(vii) - Difference in value of agricultural ...

Case Laws Income Tax

May 10, 2024

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