Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Addition u/s 56(2)(x) relates to joint ownership of property. If the consideration amount is fixed on the agreement date but registration occurs later, the stamp duty value on the agreement date should be considered. However, this applies only when the consideration is paid through banking channels before registration. In the present case, payments were made through proper channels before registration. Although the allotment letter is not a registered agreement, it contains agreed terms and conditions, making it covered under the proviso to section 56(2)(x). Since the assessee agreed to purchase the under-construction property in 2016 through the allotment letter and made payments before registration, the stamp duty value on the allotment date should be treated as the value for section 56(2)(x). The stamp duty value on the allotment date was within the 10% tolerance limit compared to the agreement value, so no addition is required u/s 56(2)(x) for the assessee or their spouse.
Addition u/s 56(2)(x) relates to joint ownership of property. If the consideration amount is fixed on the agreement date but registration occurs later, the stamp duty value on the agreement date should be considered. However, this applies only when the consideration is paid through banking channels before registration. In the present case, payments were made through proper channels before registration. Although the allotment letter is not a registered agreement, it contains agreed terms and conditions, making it covered under the proviso to section 56(2)(x). Since the assessee agreed to purchase the under-construction property in 2016 through the allotment letter and made payments before registration, the stamp duty value on the allotment date should be treated as the value for section 56(2)(x). The stamp duty value on the allotment date was within the 10% tolerance limit compared to the agreement value, so no addition is required u/s 56(2)(x) for the assessee or their spouse.
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