Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Addition u/s 56(2)(x) arises when consideration paid for immovable property is less than stamp duty value by more than Rs. 50,000 or 10% of consideration. If agreement fixing consideration was prior to the relevant year, stamp duty value on agreement date is considered. Section 50C applies to seller, 56(2)(x) to buyer. 10% tolerance limit under 50C also applies to 56(2)(x). Assessee is allowed 10% tolerance limit benefit since inception of 56(2)(x) and 50C. Addition made by Assessing Officer not in accordance with law, directed to delete addition. Assessee appeal allowed.
Addition u/s 56(2)(x) arises when consideration paid for immovable property is less than stamp duty value by more than Rs. 50,000 or 10% of consideration. If agreement fixing consideration was prior to the relevant year, stamp duty value on agreement date is considered. Section 50C applies to seller, 56(2)(x) to buyer. 10% tolerance limit under 50C also applies to 56(2)(x). Assessee is allowed 10% tolerance limit benefit since inception of 56(2)(x) and 50C. Addition made by Assessing Officer not in accordance with law, directed to delete addition. Assessee appeal allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4821 
Join Channel 
