https://www.taxtmi.com/caselaws?id=385719 The Tribunal ruled in favor of the assessee in a property transaction dispute involving the application of section 56(2)(vii)(b) of the Income Tax Act. Although the provision was deemed applicable to the transaction executed in 2015, the Tribunal considered the provisos attached to the section. As the stamp value in 2008 was lower than the actual consideration and part payment was made through banking channels, the main part of the provision did not apply. Consequently, the addition made by the Assessing Officer was deleted, and the appeal was allowed. en-us Tue, 30 Apr 2019 00:00:00 +0530 Thu, 12 Sep 2019 09:53:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385719 The Tribunal ruled in favor of the assessee in a property transaction dispute involving the application of section 56(2)(vii)(b) of the Income Tax Act. Although the provision was deemed applicable to the transaction executed in 2015, the Tribunal considered the provisos attached to the section. As the stamp value in 2008 was lower than the actual consideration and part payment was made through banking channels, the main part of the provision did not apply. Consequently, the addition made by the Assessing Officer was deleted, and the appeal was allowed. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385719