Allotment Date Stamp Value Applies u/s 56(2)(x), Not Registration Value Where Prior Cheque Payment Made – ITAT Mumbai

Cherie Tandon Saldahna Vs DCIT (ITAT Mumbai) Allotment Date Stamp Value Applicable u/s 56(2)(x) – Registration Value Cannot Be Adopted Where Consideration Paid Earlier by Cheque – ITAT Mumbai AO made addition u/s 56(2)(x) on purchase of flat by adopting stamp duty value on date of registration and treated difference of ₹1.14 Cr as income. Assessee contended that flat was allotted in 2011, full consideration paid through banking channel before allotment and hence stamp value on allotment date should apply as per proviso to Sec 56(2)(x). CIT(A) confirmed addition. ITAT held that allotment ...