https://www.taxtmi.com/caselaws?id=761702 ITAT Mumbai held that addition under section 56(2)(b)(vii) regarding excess amount over stamp duty value requires proper evidence of payment timing. The assessee purchased a flat for INR 25,62,500 with allotment letter dated 29/05/2007. While the allotment letter constituted an agreement to sell, the assessee failed to provide evidence of consideration payment by non-cash mode on or before the allotment date to claim benefit of provisos under section 56(2)(vii)(b). The matter was remanded to AO for fresh adjudication, directing the assessee to furnish payment evidence before the allotment letter date. Appeal allowed for statistical purposes. en-us Tue, 12 Nov 2024 00:00:00 +0530 Thu, 23 Jul 2026 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761702 ITAT Mumbai held that addition under section 56(2)(b)(vii) regarding excess amount over stamp duty value requires proper evidence of payment timing. The assessee purchased a flat for INR 25,62,500 with allotment letter dated 29/05/2007. While the allotment letter constituted an agreement to sell, the assessee failed to provide evidence of consideration payment by non-cash mode on or before the allotment date to claim benefit of provisos under section 56(2)(vii)(b). The matter was remanded to AO for fresh adjudication, directing the assessee to furnish payment evidence before the allotment letter date. Appeal allowed for statistical purposes. Case-Laws Income Tax Tue, 12 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761702