https://www.taxtmi.com/highlights?id=75254 Income from other sources u/s 56 (2) (x) - purchased the property - difference between the valuation adopted by the district valuation officer and actual consideration - While the appellant asserts the necessity of establishing "on money" payments to warrant taxation under the Act, the tribunal maintains that the absence of such evidence does not preclude the application of anti-avoidance provisions. - The tribunal upholds the decision of the CIT(A) to confirm the addition u/s 56(2)(x)(b), holding the appellant liable for the additional tax resulting from the disputed property valuation. en-us Wed, 28 Feb 2024 08:36:16 +0530 Wed, 28 Feb 2024 08:36:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75254 Income from other sources u/s 56 (2) (x) - purchased the property - difference between the valuation adopted by the district valuation officer and actual consideration - While the appellant asserts the necessity of establishing "on money" payments to warrant taxation under the Act, the tribunal maintains that the absence of such evidence does not preclude the application of anti-avoidance provisions. - The tribunal upholds the decision of the CIT(A) to confirm the addition u/s 56(2)(x)(b), holding the appellant liable for the additional tax resulting from the disputed property valuation. Highlights Income Tax Wed, 28 Feb 2024 08:36:16 +0530 https://www.taxtmi.com/highlights?id=75254