https://www.taxtmi.com/caselaws?id=446895 ITAT Mumbai ruled in favor of assessee regarding addition under Section 56(2)(vii) for joint property purchase. CIT(A) had denied benefit of Section 56(2)(vii)(b) stating Letter of Allotment was not registered sale deed. ITAT held that where agreement date and registration date differ, stamp duty value on agreement date applies if consideration paid by non-cash mode before agreement date. Following precedents in similar cases, ITAT directed AO to consider stamp duty value on allotment date rather than registration date. Court found CIT(A)'s reasoning regarding payment by co-owner irrelevant since property was jointly owned. Appeal partly allowed. en-us Mon, 30 Oct 2023 00:00:00 +0530 Thu, 14 Dec 2023 08:29:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446895 ITAT Mumbai ruled in favor of assessee regarding addition under Section 56(2)(vii) for joint property purchase. CIT(A) had denied benefit of Section 56(2)(vii)(b) stating Letter of Allotment was not registered sale deed. ITAT held that where agreement date and registration date differ, stamp duty value on agreement date applies if consideration paid by non-cash mode before agreement date. Following precedents in similar cases, ITAT directed AO to consider stamp duty value on allotment date rather than registration date. Court found CIT(A)'s reasoning regarding payment by co-owner irrelevant since property was jointly owned. Appeal partly allowed. Case-Laws Income Tax Mon, 30 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446895