https://www.taxtmi.com/highlights?id=75574 Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial amount of the purchase consideration was paid, and the transaction is embroiled in a legal dispute, hence section 50C should not be applicable. - The ITAT noted that despite the assessee's claim of only a partial payment, the sale deed indicated otherwise. As a result, the tribunal upholds the addition to the assessee's income under section 56(2)(x)(b)(B) for the differential amount between the stamp value and the purchase consideration. en-us Mon, 11 Mar 2024 06:25:57 +0530 Mon, 11 Mar 2024 06:25:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75574 Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial amount of the purchase consideration was paid, and the transaction is embroiled in a legal dispute, hence section 50C should not be applicable. - The ITAT noted that despite the assessee's claim of only a partial payment, the sale deed indicated otherwise. As a result, the tribunal upholds the addition to the assessee's income under section 56(2)(x)(b)(B) for the differential amount between the stamp value and the purchase consideration. Highlights Income Tax Mon, 11 Mar 2024 06:25:57 +0530 https://www.taxtmi.com/highlights?id=75574