Section 56(2)(x) addition - difference between fair market value ...

Sale consideration from bank auction at fair market value, no addition for undervalued property.

August 21, 2024

Case Laws Income Tax AT

Section 56(2)(x) addition - difference between fair market value and sale consideration not applicable when property purchased through bank auction, being a statutory process without scope for understatement of consideration. Tribunal's view upheld that Assessing Officer erred in making such addition, set aside Commissioner's order in assessee's favor.

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Section 56(2)(x) addition - difference between fair market value ...

Sale consideration from bank auction at fair market value, no addition for undervalued property.

August 21, 2024

Case Laws Income Tax AT

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