Section 56(2)(vii)(b) doesn’t apply to agreement executed before 01.04.2014: ITAT Nagpur

Bhavesh Suresh Sejpal Vs ITO (ITAT Nagpur) ITAT Nagpur held that the provisions of section 56(2)(vii) (b)(ii) of the Income Tax Act came into statute by Finance Act 2013 w.e.f. 01.04.2014 i.e., A.Y.2014-15. Accordingly, provisions cannot be made applicable to date of agreement before 01.04.2014. Facts- The assessee purchased an immovable property as a co–owner from M/s. Sri Balaji Betala INfracon, Nagpur, for a consideration of Rs. 25,92,000. However, AO found that the market value of the said immovable property was Rs. 42,84,000, vide sale deed registration executed on 15/03/2014. AO was of...