Tax Tribunal Rules: No Section 56(2)(x) Additions for Flat Sales Within 10% Value Discrepancy of Declared vs. FMV.

Tax Tribunal Rules: No Section 56(2)(x) Additions for Flat Sales Within 10% Value Discrepancy of Declared vs. FMV. https://www.taxtmi.com/highlights?id=74698 Addition u/s 56(2)(x) - sale of flats - difference between the value taken by the assessee and the fair market value (FMV) u/s 50C - The ITAT found that the value adopted by the assessee and the FMV of the flats under Section 50C were within the range of ±10%, thus the provisions of Section 56(2)(x) did not apply. - Following the earlier decisions, the Tribunal deleted the additions. en-us Wed, 07 Feb 2024 10:55:27 +0530 Wed, 07 Feb 2024 10:55:27 +0530 TaxTMI RSS Generator Tax Tribunal Rules: No Section 56(2)(x) Additions for Flat Sales Within 10% Value Discrepancy of Declared vs. FMV. https://www.taxtmi.com/highlights?id=74698 Addition u/s 56(2)(x) - sale of flats - difference between the value taken by the assessee and the fair market value (FMV) u/s 50C - The ITAT found that the value adopted by the assessee and the FMV of the flats under Section 50C were within the range of ±10%, thus the provisions of Section 56(2)(x) did not apply. - Following the earlier decisions, the Tribunal deleted the additions. Highlights Income Tax Wed, 07 Feb 2024 10:55:27 +0530 https://www.taxtmi.com/highlights?id=74698