Equivalent-value attachment survives prior release and environmental compensation where deposits may represent proceeds from alleged illegal mining ac...
Section 56(2)(x)(b), introduced by the Finance Act 2018 and applicable from Assessment Year 2019-20, operates prospectively. It cannot tax the difference between purchase consideration and stamp value where an immovable-property purchase agreement was executed in 2013 and substantial consideration was paid through banking channels before the provision was inserted. On those facts, the stamp-value-difference addition was deleted and the appellate order sustaining it was set aside.
Section 56(2)(x)(b), introduced by the Finance Act 2018 and applicable from Assessment Year 2019-20, operates prospectively. It cannot tax the difference between purchase consideration and stamp value where an immovable-property purchase agreement was executed in 2013 and substantial consideration was paid through banking channels before the provision was inserted. On those facts, the stamp-value-difference addition was deleted and the appellate order sustaining it was set aside.
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TaxTMI 
TaxTMI 
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