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Section 56(2)(vii)(b) Addition Overturned for Earlier Property Booking
Case Law Details
- Case Name
- Lilo Satramdas Ballani 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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Lilo Satramdas Ballani Vs ITO (ITAT Mumbai)
Flat Booked in 2009 Saves Buyer from Huge 56(2)(vii)(b) Addition – Change of Flat Number Not Tax Evasion ITAT Steps In
Assessee purchased a flat for Rs.48,00,000 while stamp-duty valuation on registration dated 22/08/2016 stood at Rs.1,73,65,600. AO invoked u/s 56(2)(vii)(b) & added Rs.1,25,65,000, disregarding Assessee’s claim that the flat was originally booked in 2009 with payments of Rs.20,00,000 & Rs.28,00,000 duly evidenced in bank statements. Assessee was first allotted Flat No.1403 in 2009, later replaced with Flat No.1002 due to ...
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