https://www.taxtmi.com/caselaws?id=402450 The ITAT ruled in favor of the assessee, concluding that Section 56(2)(vii)(b) of the Income Tax Act, 1961, was inapplicable for the assessment year in question. The Tribunal determined that the substantive rights accrued at the time of the agreement in FY 2007-08, not at the registration in FY 2013-14. The Tribunal found the documentary evidence credible, including builder confirmations, and deemed the proviso to Section 56(2)(vii)(b) retrospective. The appeal was allowed, and the AO's addition was deleted, with other grounds deemed infructuous. en-us Wed, 28 Oct 2020 00:00:00 +0530 Wed, 30 Oct 2024 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402450 The ITAT ruled in favor of the assessee, concluding that Section 56(2)(vii)(b) of the Income Tax Act, 1961, was inapplicable for the assessment year in question. The Tribunal determined that the substantive rights accrued at the time of the agreement in FY 2007-08, not at the registration in FY 2013-14. The Tribunal found the documentary evidence credible, including builder confirmations, and deemed the proviso to Section 56(2)(vii)(b) retrospective. The appeal was allowed, and the AO's addition was deleted, with other grounds deemed infructuous. Case-Laws Income Tax Wed, 28 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402450