Case Law Details
Case Name : Bharat Keshavlal Shah Vs PCIT (ITAT Pune)
Related Assessment Year : 2014-15
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Bharat Keshavlal Shah Vs PCIT (ITAT Pune)
Lastly comes the issue of section 56(2)(vii) made applicable in assessee’s case on account of alleged difference between stamp valuation and actual purchase consideration qua the sale deed executed in the relevant previous year.
A perusal of the said sale deed dated 31.12.2013, and more particularly, the schedule of payment therein at page-16 indicates that the assessee had already paid an amount of Rs.50,000/- on 20.09.2016 by way of bank cheque
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Section 56(2)(vii) applies to purchaser of capital asset & Section 50C to Buyer
i think the heading should be
& Section 50C to Transferer/seller and not buyer