Applicability of Section 56(2)(x) and the jurisdiction of the ...

Property transaction scrutinized for undervalued sale consideration.

Case Laws Income Tax

September 21, 2024

Applicability of Section 56(2)(x) and the jurisdiction of the Principal Commissioner of Income Tax (PCIT), Jaipur-1, in revising the order u/s 263. The key points are: The PCIT had appropriate jurisdiction as the assessee failed to provide proof of address change in the PAN database. The contention regarding non-applicability of Section 56(2)(x) was dismissed as the deeds for the property differed in area and consideration, indicating a deviation from the claimed transaction. The assessee failed to clarify or provide evidence that both deeds related to the same property. Details of TDS deduction u/s 194IA were also not provided, further weakening the assessee's case. Consequently, the PCIT's order applying Section 56(2)(x) was upheld by the Appellate Tribunal.

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Applicability of Section 56(2)(x) and the jurisdiction of the ...

Property transaction scrutinized for undervalued sale consideration.

Case Laws Income Tax

September 21, 2024

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