https://www.taxtmi.com/caselaws?id=399868 The High Court upheld the Tribunal's decision that additions made by the Principal Commissioner of Income Tax were unsustainable as the guideline value for Stamp Duty assessment should not be retroactively applied to the assessment year. The Court also agreed with the Tribunal that Section 56(2)(vii)(b) of the Income Tax Act did not apply in the appellant's case due to the already paid sale consideration. The Court dismissed the Tax Case Appeal, emphasizing no substantial legal questions for consideration. en-us Thu, 20 Aug 2020 00:00:00 +0530 Wed, 21 Oct 2020 18:00:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399868 The High Court upheld the Tribunal's decision that additions made by the Principal Commissioner of Income Tax were unsustainable as the guideline value for Stamp Duty assessment should not be retroactively applied to the assessment year. The Court also agreed with the Tribunal that Section 56(2)(vii)(b) of the Income Tax Act did not apply in the appellant's case due to the already paid sale consideration. The Court dismissed the Tax Case Appeal, emphasizing no substantial legal questions for consideration. Case-Laws Income Tax Thu, 20 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399868