Allotment Letter Treated as Agreement to Sell – Stamp Value on Booking Date to Apply U/s 56(2)(x)

Pramod Salvi Vs ITO (ITAT Mumbai)

Allotment Letter Treated as Agreement to Sell – Stamp Value on Booking Date to Apply u/s 56(2)(x) – Addition Set Aside – ITAT Mumbai

AO made addition of ₹45.03 lakh u/s 56(2)(x) on purchase of two flats by adopting stamp duty value on date of registration in 2018. Assessee contended that flats were booked in 2007 and allotment letters issued in 2010 constituted agreement to sell, with substantial payments made through bank

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