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Stamp Duty Addition Deleted – Allotment Date Prevails for Sec 56(2)(x) Valuation
Case Law Details
- Case Name
- ABBAS Fakhruddin Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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ABBAS Fakhruddin Vs ITO (ITAT Mumbai)
AO made addition of ₹67.56 lakh treating property purchase as unexplained investment u/s 69 / sec 56(2)(vii)(b)/(x) based on stamp duty value, as assessee had not filed return & registered value was higher than consideration (₹36 lakh).
Assessee’s case:
Flat allotted in 2008 via allotment letter with total consideration ₹36 lakh
Payments made between 2008-2014 through banking channels (as seen in installment chart on Pg 3)
Registration happened later in 2017 – no fresh investment in year
ITAT held:
Date of allotment = ...
Author Info
