https://www.taxtmi.com/caselaws?id=753854 A pre-incorporation acquisition of land by promoters for a proposed company, followed by later conveyance to the company at cost after conversion of the land, was not treated as a fresh purchase by the company for section 56(2)(x)(B). The later deed was viewed as completing the original arrangement rather than creating a new bargain, and the company was not in existence when the property was first acquired. On those facts, the higher stamp duty value at the time of conveyance did not, by itself, trigger the deeming addition. The assessment addition was deleted. en-us Mon, 10 Jun 2024 00:00:00 +0530 Wed, 12 Jun 2024 08:18:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753854 A pre-incorporation acquisition of land by promoters for a proposed company, followed by later conveyance to the company at cost after conversion of the land, was not treated as a fresh purchase by the company for section 56(2)(x)(B). The later deed was viewed as completing the original arrangement rather than creating a new bargain, and the company was not in existence when the property was first acquired. On those facts, the higher stamp duty value at the time of conveyance did not, by itself, trigger the deeming addition. The assessment addition was deleted. Case-Laws Income Tax Mon, 10 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753854