https://www.taxtmi.com/highlights?id=79929 Addition u/s 56(2)(x) arises when consideration paid for immovable property is less than stamp duty value by more than Rs. 50,000 or 10% of consideration. If agreement fixing consideration was prior to the relevant year, stamp duty value on agreement date is considered. Section 50C applies to seller, 56(2)(x) to buyer. 10% tolerance limit under 50C also applies to 56(2)(x). Assessee is allowed 10% tolerance limit benefit since inception of 56(2)(x) and 50C. Addition made by Assessing Officer not in accordance with law, directed to delete addition. Assessee appeal allowed. en-us Wed, 31 Jul 2024 08:36:50 +0530 Wed, 31 Jul 2024 08:36:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=79929 Addition u/s 56(2)(x) arises when consideration paid for immovable property is less than stamp duty value by more than Rs. 50,000 or 10% of consideration. If agreement fixing consideration was prior to the relevant year, stamp duty value on agreement date is considered. Section 50C applies to seller, 56(2)(x) to buyer. 10% tolerance limit under 50C also applies to 56(2)(x). Assessee is allowed 10% tolerance limit benefit since inception of 56(2)(x) and 50C. Addition made by Assessing Officer not in accordance with law, directed to delete addition. Assessee appeal allowed. Highlights Income Tax Wed, 31 Jul 2024 08:36:50 +0530 https://www.taxtmi.com/highlights?id=79929