https://www.taxtmi.com/caselaws?id=437925 The tribunal allowed the appeals of the assessees, holding the assessment invalid due to the incorrect invocation of section 56(2)(vii) of the Act. The tribunal agreed with the assessee's argument that the section applies only if the property is purchased below the circle rate. Consequently, the actions of the authorities below were deemed not legal, and the assessees were successful in challenging the addition of income based on valuation differences. The decision was pronounced on 11th May, 2023. en-us Thu, 11 May 2023 00:00:00 +0530 Thu, 18 May 2023 08:38:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437925 The tribunal allowed the appeals of the assessees, holding the assessment invalid due to the incorrect invocation of section 56(2)(vii) of the Act. The tribunal agreed with the assessee's argument that the section applies only if the property is purchased below the circle rate. Consequently, the actions of the authorities below were deemed not legal, and the assessees were successful in challenging the addition of income based on valuation differences. The decision was pronounced on 11th May, 2023. Case-Laws Income Tax Thu, 11 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437925