Deemed Income Added u/s 56(2)(vii)(b) for Property Valuation Difference; No Exemption Available for Assessee.

Deemed Income Added u/s 56(2)(vii)(b) for Property Valuation Difference; No Exemption Available for Assessee. https://www.taxtmi.com/highlights?id=70744 Addition of deemed income u/s 56(2)(vii)(b) - difference in purchase price and stamps authority valuation - Addition made by lower-authorities is mandated by section 56(2)(vii)(b) and in absence of a valid explanation by assessee, the same has to be made, there is no escape route. - Additions confirmed - AT en-us Wed, 05 Jul 2023 08:01:11 +0530 Wed, 05 Jul 2023 08:01:11 +0530 TaxTMI RSS Generator Deemed Income Added u/s 56(2)(vii)(b) for Property Valuation Difference; No Exemption Available for Assessee. https://www.taxtmi.com/highlights?id=70744 Addition of deemed income u/s 56(2)(vii)(b) - difference in purchase price and stamps authority valuation - Addition made by lower-authorities is mandated by section 56(2)(vii)(b) and in absence of a valid explanation by assessee, the same has to be made, there is no escape route. - Additions confirmed - AT Highlights Income Tax Wed, 05 Jul 2023 08:01:11 +0530 https://www.taxtmi.com/highlights?id=70744