Court Upholds Tax Assessment on Property Transactions u/s 56(2)(vii)(b)(ii) of Income Tax Act; No Relief for Assessee.

Court Upholds Tax Assessment on Property Transactions u/s 56(2)(vii)(b)(ii) of Income Tax Act; No Relief for Assessee. https://www.taxtmi.com/highlights?id=43596 Addition u/s 56(2)(vii) being the difference between value mentioned in the Conveyance Deed and the stamp duty value of Immovable properties - This is not the assessee’s case that his four transactions are in any way covered in the last proviso. No reason to interfere with the lower authorities’ action invoking section 56(2)(vii)(b) clause (ii) of the Act. en-us Sat, 29 Dec 2018 11:33:17 +0530 Sat, 29 Dec 2018 11:33:17 +0530 TaxTMI RSS Generator Court Upholds Tax Assessment on Property Transactions u/s 56(2)(vii)(b)(ii) of Income Tax Act; No Relief for Assessee. https://www.taxtmi.com/highlights?id=43596 Addition u/s 56(2)(vii) being the difference between value mentioned in the Conveyance Deed and the stamp duty value of Immovable properties - This is not the assessee’s case that his four transactions are in any way covered in the last proviso. No reason to interfere with the lower authorities’ action invoking section 56(2)(vii)(b) clause (ii) of the Act. Highlights Income Tax Sat, 29 Dec 2018 11:33:17 +0530 https://www.taxtmi.com/highlights?id=43596