Section 56(2)(x) Not Applicable Before 01.04.2017: ITAT Delhi

Rajendra Pal Singh Sandhu Vs ITO (ITAT Delhi) Section 56(2)(x), introduced with effect from 01.04.2017, applies only to property received on or after that date and therefore cannot be invoked for Assessment Year 2017-18. Issue: Whether the difference between stamp duty value and actual purchase consideration of an immovable property could be taxed under section 56(2)(x) in Assessment Year 2017-18. Facts: The assessee and his wife jointly purchased a DDA LIG flat in Rohini, Delhi, on 27.07.2016 for ₹21,65,000, while the stamp duty value was ₹36,89,280. The Assessing Officer reopened the a...