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For applying s.56(2)(vii)(b), the proviso requires an agreement fixing consideration, identification of stamp duty value as on the agreement date, and part payment by a non-cash mode on or before that date. The allotment letter, containing agreed terms, identified the specific flat, fixed the consideration and payment schedule, and conferred exclusivity; it was enforceable as a valid contract under s.10 of the Contract Act, supported by part payment through banking channels. Accordingly, the stamp duty value as on the allotment date governed, and no taxable difference arose; the addition was deleted and the taxpayer's grounds were allowed. - ITAT
For applying s.56(2)(vii)(b), the proviso requires an agreement fixing consideration, identification of stamp duty value as on the agreement date, and part payment by a non-cash mode on or before that date. The allotment letter, containing agreed terms, identified the specific flat, fixed the consideration and payment schedule, and conferred exclusivity; it was enforceable as a valid contract under s.10 of the Contract Act, supported by part payment through banking channels. Accordingly, the stamp duty value as on the allotment date governed, and no taxable difference arose; the addition was deleted and the taxpayer's grounds were allowed. - ITAT
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