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Allotment letters should be considered as ‘agreement to sell’ for section 56(2)(x)
Case Law Details
- Case Name
- Sulochana Saijan Modi 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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Sulochana Saijan Modi Vs ITO (ITAT Mumbai)
ITAT Mumbai held that allotment letters issued for purchase of flat should be considered as ‘Agreement to sell’ for the purpose of section 56(2)(x) of the Income Tax Act.
Facts- The case was selected for limited scrutiny for examining the reasons for stamp duty valuation of property being higher than the transaction value. The statutory notices under the Income Tax Act, 1961 (“the Act”), were issued to the assessee and complied with. In the assessment completed u/s 143(3) of the Act, the Assessing Officer (“AO”) added the ...
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