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Where consideration for immovable property is paid wholly or partly through banking channels on or before the allotment or agreement date, the proviso to section 56(2)(x)(b)(B) requires stamp duty value to be taken as on that date, not the registration date. The lower authorities' reliance on registration-date valuation was treated as inconsistent with that proviso. Because the assessee produced a ready reckoner extract and valuation report relevant to the allotment date, that material was admitted as additional evidence, and the matter was sent back for verification of the valuation and fresh decision after hearing the assessee.
Where consideration for immovable property is paid wholly or partly through banking channels on or before the allotment or agreement date, the proviso to section 56(2)(x)(b)(B) requires stamp duty value to be taken as on that date, not the registration date. The lower authorities' reliance on registration-date valuation was treated as inconsistent with that proviso. Because the assessee produced a ready reckoner extract and valuation report relevant to the allotment date, that material was admitted as additional evidence, and the matter was sent back for verification of the valuation and fresh decision after hearing the assessee.
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