https://www.taxtmi.com/caselaws?id=411867 The ITAT clarified the interpretation of Section 56(2)(vii)(b) of the Income Tax Act, 1961, ruling in favor of the assessee in a dispute regarding the addition made for the difference in property value. The ITAT held that the date of allotment should be considered the date of agreement, supporting the assessee's position based on relevant case laws. The Revenue's appeal was dismissed, and the assessee's appeal was allowed, emphasizing the importance of the date of agreement for computation purposes. en-us Mon, 01 Mar 2021 00:00:00 +0530 Mon, 06 Sep 2021 11:25:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411867 The ITAT clarified the interpretation of Section 56(2)(vii)(b) of the Income Tax Act, 1961, ruling in favor of the assessee in a dispute regarding the addition made for the difference in property value. The ITAT held that the date of allotment should be considered the date of agreement, supporting the assessee's position based on relevant case laws. The Revenue's appeal was dismissed, and the assessee's appeal was allowed, emphasizing the importance of the date of agreement for computation purposes. Case-Laws Income Tax Mon, 01 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411867