Section 56(2)(vii)(b) Addition Overturned for Earlier Property Booking

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 ...