https://www.taxtmi.com/caselaws?id=759765 ITAT Kolkata held that an allotment letter from a developer constitutes an agreement to purchase, not requiring registration if payments are made through banking channels. The tribunal ruled that for deemed gift provisions under section 56(2)(vii)(b)(ii), the valuation date should be when first payment was made (June 2010), not the stamp duty payment date (October 2014). Applying CBDT Circular 872/1993, the allotment letter was recognized as a valid purchase agreement. Since payments were made through account payee cheques establishing genuineness, the addition under deemed gift provisions was deleted and the appeal was allowed. en-us Thu, 03 Oct 2024 00:00:00 +0530 Tue, 08 Oct 2024 07:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759765 ITAT Kolkata held that an allotment letter from a developer constitutes an agreement to purchase, not requiring registration if payments are made through banking channels. The tribunal ruled that for deemed gift provisions under section 56(2)(vii)(b)(ii), the valuation date should be when first payment was made (June 2010), not the stamp duty payment date (October 2014). Applying CBDT Circular 872/1993, the allotment letter was recognized as a valid purchase agreement. Since payments were made through account payee cheques establishing genuineness, the addition under deemed gift provisions was deleted and the appeal was allowed. Case-Laws Income Tax Thu, 03 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759765