https://www.taxtmi.com/caselaws?id=410582 The Tribunal ruled in favor of the assessee, holding that the provisions of Section 56(2)(vii)(b) of the Income Tax Act were not applicable as the agreements for purchasing the properties were entered into before the provisions came into effect. The Tribunal also determined that the stamp duty value should be considered as of the date of the agreement and not the date of registration. The Tribunal found that the changes in flat numbers were not new bookings but exchanges for better locations, leading to the deletion of the additions made by the Assessing Officer and the dismissal of the revenue's appeal. en-us Thu, 29 Jul 2021 00:00:00 +0530 Thu, 05 Aug 2021 08:44:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410582 The Tribunal ruled in favor of the assessee, holding that the provisions of Section 56(2)(vii)(b) of the Income Tax Act were not applicable as the agreements for purchasing the properties were entered into before the provisions came into effect. The Tribunal also determined that the stamp duty value should be considered as of the date of the agreement and not the date of registration. The Tribunal found that the changes in flat numbers were not new bookings but exchanges for better locations, leading to the deletion of the additions made by the Assessing Officer and the dismissal of the revenue's appeal. Case-Laws Income Tax Thu, 29 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410582