Section 56(2)(vii) doesn’t apply to property received under will/ inheritance

ACIT Vs Anitha Kumaran (ITAT Chennai) ITAT Chennai held that provisions of section 56(2)(vii) of the Income Tax Act doesn’t apply when the property received under a will or by way of inheritance Facts- The assessee purchased land measuring 64,687 sq. ft. along with residential house building thereon having a plinth area of 950 sq. ft. and common passage measuring 2026 sq. ft. and 4748 sq. ft. for a consideration of Rs.10 Lakhs vide registered sale deed executed by M/s. Gay Travels Pvt Ltd (GTPL). However, the stamp duty value as determined by registration authority was Rs.445 Lacs. According...