Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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