https://www.taxtmi.com/highlights?id=71750 Addition u/s 56(2)(vii)(b) - Purchase of property below circle rate / stamp value - since the assessee/co-owners has made part payment (part consideration of Rs. 3 Lakhs) by cheque , therefore, the date of agreement as per the proviso to section 56(2)(vii) (b) of the Act should be taken as 25.11.2011. In such a scenario, the stamp duty value as on the date of agreement must be taken for the purpose of taxation under consideration u/s 56(2)(vii)(b). - AT en-us Wed, 30 Aug 2023 07:36:44 +0530 Wed, 30 Aug 2023 07:36:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=71750 Addition u/s 56(2)(vii)(b) - Purchase of property below circle rate / stamp value - since the assessee/co-owners has made part payment (part consideration of Rs. 3 Lakhs) by cheque , therefore, the date of agreement as per the proviso to section 56(2)(vii) (b) of the Act should be taken as 25.11.2011. In such a scenario, the stamp duty value as on the date of agreement must be taken for the purpose of taxation under consideration u/s 56(2)(vii)(b). - AT Highlights Income Tax Wed, 30 Aug 2023 07:36:44 +0530 https://www.taxtmi.com/highlights?id=71750