Section 56(2)(vii)(b) Not Applicable if It Is Not Enacted as on Date of Agreement

ACIT Vs Sri Anala Anjibabu (ITAT Visakhapatnam) The issue under consideration is whether provisions of section 56(2)(vii)(b)(ii) are applicable on difference between consideration paid for purchase of property and SRO value as on date of agreement? ITAT states that the decision relied upon by the assessee in the case of D.S.N.Malleswara Rao cited supra which is related to the A.Y.2006-07 which is prior to the insertion of section 56(2)(vii)(b) and the same has no relevance in the instant case. However in the cited case of D.S.N.Malleswara Rao also the Hon’ble ITAT held that the law as applic...