https://www.taxtmi.com/caselaws?id=762076 The ITAT Mumbai ruled in favor of the assessee regarding addition under section 56(2)(X) for joint property ownership. The tribunal held that when property purchase is agreed through allotment letter with fixed consideration and payments made through banking channels before registration, stamp duty value should be taken from the agreement date, not registration date. Since the difference between stamp duty value (Rs. 5,67,18,369/-) and agreement value (Rs. 5,30,87,707/-) was within the 10% tolerance limit under the 2021 amendment, no addition was warranted. The assessee's ground was allowed. en-us Thu, 21 Nov 2024 00:00:00 +0530 Wed, 27 May 2026 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762076 The ITAT Mumbai ruled in favor of the assessee regarding addition under section 56(2)(X) for joint property ownership. The tribunal held that when property purchase is agreed through allotment letter with fixed consideration and payments made through banking channels before registration, stamp duty value should be taken from the agreement date, not registration date. Since the difference between stamp duty value (Rs. 5,67,18,369/-) and agreement value (Rs. 5,30,87,707/-) was within the 10% tolerance limit under the 2021 amendment, no addition was warranted. The assessee's ground was allowed. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762076