Stamp duty value on date of allotment is to be taken as per first proviso to section 56(2)(vii)(b)

Ruchita Jindal Vs DCIT (ITAT Mumbai) ITAT Mumbai held that as per first proviso to section 56(2)(vii)(b), where date of agreement fixing amount of consideration for transfer of property and ate of registration is not same, the stamp duty value on the date of allotment is to be taken. Facts- The assessment of the assessee was reopened by issuing of notice u/s 148 of the Act. A notice u/s 143(2) was issued to the assessee. During the year under consideration the assessee has purchased a property on 23.06.2014 for the consideration of Rs. 7 crores. However, the value of the said flat as per valua...