Proviso to Section 56(2)(vii)(b): Stamp Duty Value on Date of Agreement applies

Shyamkumar Madhavdas Chugh Vs ACIT (ITAT Delhi) The order from the Income Tax Appellate Tribunal (ITAT) Delhi in the case of Shyamkumar Madhavdas Chugh vs. ACIT represents a significant interpretation of the provisions related to the taxation of immovable property transactions under Section 56(2)(vii)(b) of the Income Tax Act, 1961. This case highlights the application of the proviso to Section 56(2)(vii)(b) concerning the determination of the stamp duty value for the purpose of taxing the consideration paid for the purchase of immovable property when there is a discrepancy between the date of...