https://www.taxtmi.com/caselaws?id=401062 The Tribunal ruled in favor of the appellant, emphasizing that the stamp duty value at the time of booking the flat, when the consideration was agreed upon, should be used for tax assessment purposes. The date of transfer of ownership was deemed irrelevant in determining the taxable value under section 56(2)(vii)(b) of the Income-tax Act, 1961. The Tribunal set aside the previous order and allowed the appeal, clarifying the importance of the agreement date in assessing tax liabilities related to immovable property. en-us Mon, 23 Nov 2020 00:00:00 +0530 Wed, 25 Nov 2020 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401062 The Tribunal ruled in favor of the appellant, emphasizing that the stamp duty value at the time of booking the flat, when the consideration was agreed upon, should be used for tax assessment purposes. The date of transfer of ownership was deemed irrelevant in determining the taxable value under section 56(2)(vii)(b) of the Income-tax Act, 1961. The Tribunal set aside the previous order and allowed the appeal, clarifying the importance of the agreement date in assessing tax liabilities related to immovable property. Case-Laws Income Tax Mon, 23 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401062