Section 56(2)(x) deals with the addition of the difference...

Section 56(2)(x) deals with the addition of the difference between the fair market value of a property and the consideration paid, to the income of the recipient. The key points are: When the consideration is fixed on the agreement date, and registration occurs later, the stamp duty value on the agreement date is relevant if payment is made through banking channels by that date. The allotment letter from the builder, containing agreed terms and payment schedule, qualifies as an agreement under this provision. If the payment made by the agreed date exceeds the stamp duty value on that date, no addition u/s 56(2)(x) can be made. The Appellate Tribunal dismissed the Revenue's appeal on these grounds.