This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Invoking provisions of section 56(2)(vii)(b) unsustainable as civil suit filed before District Judge
Case Law Details
- Case Name
- D.S.N. Malleswara Rao Vs ITO (ITAT Visakhapatnam)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Visakhapatnam
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
D.S.N. Malleswara Rao Vs ITO (ITAT Visakhapatnam)
ITAT Visakhapatnam held that civil suit is filed before the Hon’ble District Judge accordingly the matter is squarely covered as exception as per proviso to section 56(2)(vii)(b) of the act and accordingly, we, hold that there is no case for invoking the provisions of section 56(2)(vii)(b).
Facts- During F.Y., the assessee has purchased the immovable property from Sri Balanagu Prasanna Kumar vide Doc.No.1465/2013 of Amaravathi SRO on 31.10.2013 for a consideration of Rs.50,00,000/-, but the market value of the said property was Rs.1,12,02,000...
Author Info
