Stamp Duty Value on Allotment Date Applies Under Section 56(2)(x): ITAT Mumbai

Sarayu Krishna Kamat Vs DCIT (ITAT Mumbai) For Section 56(2)(x), Stamp Duty Value as on Date of Allotment Applies When Consideration Paid Through Banking Channels The Mumbai Bench of the Income Tax Appellate Tribunal allowed the appeal of Sarayu Krishna Kamat for AY 2018–19, deleting an addition of ₹2,70,970 made under Section 56(2)(x) on account of alleged difference between purchase consideration and stamp duty value of a jointly purchased flat. The Tribunal noted that the assessee, along with her husband, had booked the flat in FY 2016–17 and was issued an allotment letter dated 21.04...