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ITAT upheld that the consideration for purpose of section 56(2)(x) is the actual price paid by the assessee as per the sale deed and directed that stamp duty and registration charges borne by the seller cannot be deducted from the buyer's consideration. The Tribunal agreed with CIT(A) that there is no statutory basis to adjust seller-paid stamp/registration against the purchaser's consideration. Further, treating the amendments as curative/clarificatory, ITAT applied the 5% tolerance limit retrospectively and directed the AO to delete the addition under section 56(2)(x) after applying the 5% tolerance. Other contentions of the assessee, including treatment of the asset as stock-in-trade, were allowed.
ITAT upheld that the consideration for purpose of section 56(2)(x) is the actual price paid by the assessee as per the sale deed and directed that stamp duty and registration charges borne by the seller cannot be deducted from the buyer's consideration. The Tribunal agreed with CIT(A) that there is no statutory basis to adjust seller-paid stamp/registration against the purchaser's consideration. Further, treating the amendments as curative/clarificatory, ITAT applied the 5% tolerance limit retrospectively and directed the AO to delete the addition under section 56(2)(x) after applying the 5% tolerance. Other contentions of the assessee, including treatment of the asset as stock-in-trade, were allowed.
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TaxTMI 
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