TaxTMI Login
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →Just a moment...
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: Whether the addition made under section 56(2)(x) on account of the difference between the purchase consideration and the stamp duty value of the flat was sustainable where the property had been booked earlier and payments were made by cheque before the date of registration.
Analysis: The assessee had booked the flat in 2014, the allotment letter fixed the consideration, and a substantial part of the payment had already been made through banking channels before the eventual registration. The first proviso to section 56(2)(x) and the corresponding proviso to section 50C recognise that, where the date of agreement fixing consideration and the date of registration are different, the stamp duty value as on the date of agreement may be adopted if the consideration or part of it is paid by prescribed banking modes on or before that date. Since the authorities below ignored these provisos and proceeded only on the stamp duty value on the date of purchase registration, the addition was held to be unsustainable.
Conclusion: The addition under section 56(2)(x) was deleted and the issue was decided in favour of the assessee.
Ratio Decidendi: Where consideration for immovable property is fixed by an earlier agreement or allotment letter and part of the consideration is paid through banking channels before that date, the stamp duty value must be tested with reference to the date of agreement under the statutory provisos and not merely the date of registration.
TaxTMI 
TaxTMI 
