ITAT Deletes Addition for Ignoring Allotment Letter and Early Payment

Awadhnarayan Bhagwanta Singh Vs ITO (ITAT Mumbai) Payment Made Before Agreement Date – Stamp Duty Value Must Match Year of Agreement—ITAT Deletes Addition u/s 56(2)(vii)(b)-  Property Booked in 2012, Taxed at 2017 Value—ITAT Corrects SDV Mismatch Assessee purchased a property for Rs.1,10,00,000/-, while stamp duty valuation as on 30.03.2017 was Rs.1,69,87,000/-. AO, in limited scrutiny, invoked u/s 56(2)(vii)(b) & added the differential Rs.59,87,000/. Before CIT(A), Assessee produced allotment letter dated 29.11.2012 issued by M/s Shah Housecon Pvt Ltd, advance payment of Rs.5,0...