https://www.taxtmi.com/caselaws?id=422005 The Tribunal allowed the assessee's appeal concerning the addition under section 56(2)(vii)(b)(ii) of the Income Tax Act, 1961. The Tribunal held that the amended provisions did not apply as the agreement was executed before the effective date of the amendment. Other issues such as referral to DVO for valuation, charging of interest under sections 234A, 234B, and 234C, and initiation of penalty proceedings under section 271(1)(c) were either dismissed or deemed premature for consideration. The validity of the assessment order due to lack of signature was left open for future review. en-us Mon, 21 Feb 2022 00:00:00 +0530 Fri, 06 May 2022 08:31:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422005 The Tribunal allowed the assessee's appeal concerning the addition under section 56(2)(vii)(b)(ii) of the Income Tax Act, 1961. The Tribunal held that the amended provisions did not apply as the agreement was executed before the effective date of the amendment. Other issues such as referral to DVO for valuation, charging of interest under sections 234A, 234B, and 234C, and initiation of penalty proceedings under section 271(1)(c) were either dismissed or deemed premature for consideration. The validity of the assessment order due to lack of signature was left open for future review. Case-Laws Income Tax Mon, 21 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422005