https://www.taxtmi.com/caselaws?id=411757 The Tribunal allowed the appeal, directing the deletion of the entire addition under section 56(2)(vii)(b)(ii) of the Income Tax Act. The Tribunal held that the Assessing Officer was not entitled to apply the provision as the relevant sub-clause was not in effect at the time of the property sale agreement. The decision favored the assessee, emphasizing the timing discrepancy between the agreement and the introduction of the sub-clause. en-us Tue, 31 Aug 2021 00:00:00 +0530 Thu, 02 Sep 2021 09:00:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411757 The Tribunal allowed the appeal, directing the deletion of the entire addition under section 56(2)(vii)(b)(ii) of the Income Tax Act. The Tribunal held that the Assessing Officer was not entitled to apply the provision as the relevant sub-clause was not in effect at the time of the property sale agreement. The decision favored the assessee, emphasizing the timing discrepancy between the agreement and the introduction of the sub-clause. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411757