Addition invoking section 56(2)(vii)(b) unsustained as stamp duty value less than agreement value

Shilpa Gautam Vs ITO (ITAT Mumbai)

ITAT Mumbai held that as conditions in second proviso to section 56(2)(vii)(b) satisfied, stamp duty as on the date of agreement would be compared with agreement value. Accordingly, since the stamp duty value is less than the agreement value, addition unsustainable.

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