Part Payment Through Bank Does the Trick: ITAT Deletes Section 56(2)(vii) Addition Despite 7-Year Gap in Registration

Arvind Apte Vs ITO (ITAT Mumbai) Part Payment Through Bank Does the Trick: ITAT Deletes Section 56(2)(vii) Addition Despite 7-Year Gap in Registration 2011 Agreement Saves Buyer from Section 56(2)(vii): ITAT Deletes Addition Based on 2018 Stamp Duty Value The Mumbai ITAT deleted an addition of ₹22.38 lakh made under Section 56(2)(vii), holding that where substantial payments towards purchase of immovable property were made through banking channels pursuant to an earlier agreement, the assessee was entitled to the benefit of the first and second provisos to Section 56(2)(vii) and the stamp du...