S. 56(2)(vii)(b)(ii) cannot be applied prior to A.Y. 2014­-15; allotment letter constituted a complete agreement

Naina Saraf Vs PCIT (ITAT Jaipur)

Section 56(2)(vii)(b)(ii) cannot be applied prior to a A.Y. 2014­-15 as section comes into effect from A.Y. 2015-16

The Finance Act, 2013 inserted clause (ii) in S. 56(2)(vii)(b) reading as under:

‘(ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration ”

The pre amended law evidently did not cover

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