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ITAT Deletes Addition for Ignoring Allotment Letter and Early Payment
Case Law Details
- Case Name
- Awadhnarayan Bhagwanta Singh Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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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...
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