https://www.taxtmi.com/caselaws?id=392435 The tribunal allowed the appeal, deleting the additions made under Section 56(2)(vii) of the Income-tax Act. It emphasized the importance of considering ground realities and legislative intent in applying deeming provisions, concluding that the additions were not sustainable. The tribunal noted the reduced guideline value by the State Government and the amendment to minimize hardships in real estate transactions, leading to the decision to delete the additions. en-us Mon, 10 Feb 2020 00:00:00 +0530 Thu, 20 Feb 2020 12:16:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392435 The tribunal allowed the appeal, deleting the additions made under Section 56(2)(vii) of the Income-tax Act. It emphasized the importance of considering ground realities and legislative intent in applying deeming provisions, concluding that the additions were not sustainable. The tribunal noted the reduced guideline value by the State Government and the amendment to minimize hardships in real estate transactions, leading to the decision to delete the additions. Case-Laws Income Tax Mon, 10 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392435