Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
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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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