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 a situation where an immovable property was received by an individual or HUF for a consideration, whether adequate or ...