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Allotment Letter Treated as Agreement to Sell – Stamp Value on Booking Date to Apply U/s 56(2)(x)
Case Law Details
- Case Name
- Pramod Salvi Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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Pramod Salvi Vs ITO (ITAT Mumbai)
Allotment Letter Treated as Agreement to Sell – Stamp Value on Booking Date to Apply u/s 56(2)(x) – Addition Set Aside – ITAT Mumbai
AO made addition of ₹45.03 lakh u/s 56(2)(x) on purchase of two flats by adopting stamp duty value on date of registration in 2018. Assessee contended that flats were booked in 2007 and allotment letters issued in 2010 constituted agreement to sell, with substantial payments made through banking channel prior to registration. CIT(A) confirmed addition.
ITAT held that allotment letter can be treated as agr...
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