Section 56(2)(vii)(b) Inapplicable to Purchasers if transfer takes place prior to accounting year 2014-15

Asha Vijay Vs ITO (ITAT Kolkata) This case analysis focuses on the ITAT Kolkata order in the case of Asha Vijay Vs ITO. The main issue in this case is whether a sum of Rs. 9,74,950/- should be added to the assessee’s income under Section 56(2)(vii)(b) of the Income Tax Act. The ITAT examines whether the difference between the valuation for stamp duty purposes and the purchase cost disclosed by the assessee in the deed should be deemed as income. The key contention revolves around the applicability of Section 56(2)(vii)(b) to transfers that occurred before the accounting year 2014-15. Ana...