Section 56(2)(vii) cannot be invoked if no difference between agreement & Stamp Duty Value

Smt. Selvi Chittiraja Vs ITO (ITAT Chennai)

The next issue that came up for our consideration is additions of Rs.28,40,000/- made u/s.56(2)(vii) of the Income Tax Act, 1961. The facts with regard to impugned dispute are that the assessee has purchased property by entering into sale agreement on 25.07.2012 and paid advance amounting to Rs.7,50,000/- by cheque bearing no.874436 dated 25.07.2012 drawn on Indian Bank in favour of seller. The property has been registered in favour of the assessee on 02.04.2013. At the time of registration of sale deed, guide

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