Section 56(2)(x): Stamp Value on Booking Date to Apply – ITAT Deletes Addition

Harsha Rajan Mehrotra Vs NFAC/Circle (ITAT Mumbai) The Mumbai ITAT deleted the addition of ₹29.22 lakh made under Section 56(2)(x), holding that stamp duty value as on the date of booking/allotment (and not registration) must be adopted where consideration is fixed earlier and payments are made through banking channels. The AO had taxed the difference between: Purchase consideration: ₹80.92 lakh Stamp duty value (on registration): ₹1.10 crore treating ₹29.22 lakh as income. However, the Tribunal noted: The property was booked in 2012, and consideration was substantially fixed then, ...