Case Law Details
Parth Dashrath Gandhi Vs Addl./Deputy/Asst. Commissioner of Income Tax (ITAT Mumbai)
ITAT Mumbai held that stamp duty valuation as on the date of allotment letters, and not the date of execution of agreement to sell, should be considered for the purpose of section 56(2)(x) of the Income Tax Act.
Facts- The assessee has filed this appeal challenging the order dated 09.06.2022 passed by Ld CIT(A), NFAC, Delhi and it relates to the assessment year 2018-19. The assessee is aggrieved by the decision of Ld CIT(A) in confirming the addition made by the AO u/s 56(2)(x) of the Act.
AO noticed that the assessee has purchased two properties during the year under consideration, whose stamp duty value was more than the value of consideration.
The assessee submitted that as per the first and second proviso to sec. 56(2)(x) of the Act, the stamp duty value on the date of agreement should be taken for the purpose of sec. 56(2)(x).
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