Allotment letters should be considered as ‘agreement to sell’ for section 56(2)(x)

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 com

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