The Appellate Tribunal considered a case involving rectification ...

Dispute on stamp duty value vs actual consideration paid. Tribunal rejects AO's rectification order. No error found.

Case Laws Income Tax

June 18, 2024

The Appellate Tribunal considered a case involving rectification u/s 154 related to income from other sources u/s 56(2)(vii)(b). The issue revolved around the variance between sale consideration and stamp duty valuation. The respondent's assessment was initially accepted u/s 143(3) after scrutiny on investments in movable properties. Subsequently, u/s 154 was invoked to apply section 56(2)(vii)(b) on the purchase of immovable property due to a disparity in stamp duty value and actual consideration. The Tribunal noted that the matter of stamp duty valuation was debatable, indicating a change in opinion. It was established that errors requiring extensive reasoning on debatable legal points do not constitute apparent errors. Consequently, the order u/s 154 was annulled, and the Revenue's appeal was dismissed.

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The Appellate Tribunal considered a case involving rectification ...

Dispute on stamp duty value vs actual consideration paid. Tribunal rejects AO's rectification order. No error found.

Case Laws Income Tax

June 18, 2024

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