| |
| The Tax Publishers2021 TaxPub(DT) 0163 (Mum-Trib) INCOME TAX ACT, 1961
Section 56(2)(vii)(b)
During financial year 2007-08 relevant to assessment year 2008-09, provisions of section 56(2)(vii)(b) were not in statute and hence, no addition could be made for the year under consideration as the agreement was entered into earlier.
|
Income from other sources - Addition under section 56(2)(vii)(b) - Agreement for purchase of flats entered before assessment year 2014-15 -
Assessee purchased two flats for consideration of Rs. 80 lakhs and Rs. 42,99,600 respectively, the value of which adopted by stamp duty authority was Rs. 1,77,27,800 and Rs. 1,29,39,500 respectively. Accordingly, AO invoked section 56(2)(vii)(b) and taxed the differential sum in assessee's hands. Assessee submitted that agreement for purchase of flats was entered in financial year 2007-08 for which properties were registered in assessment year 2014-15. Held: During financial year 2007-08 relevant to assessment year 2008-09, provisions of section 56(2)(vii)(b) were not in statute and hence, no addition could be made for the year under consideration as the agreement was entered into earlier.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
IN THE ITAT, MUMBAI BENCH
 SUBSCRIBE FOR FULL CONTENT
|