https://www.taxtmi.com/caselaws?id=762384 ITAT Kolkata allowed the appeal regarding assessment under Section 56(2)(X). The assessee purchased immovable property with sale consideration settled on 30th December 2016, with full payment made through banking channel on the same date. The tribunal held that since the agreement date preceded registration and payment was made through proper banking channels, the stamp duty value/circle rate applicable on the agreement date (30th December 2016) should be considered for computing income under Section 56(2)(X), not the registration date. The AO was directed to recalculate using the circle rate applicable on the agreement date. en-us Wed, 20 Nov 2024 00:00:00 +0530 Sat, 30 Nov 2024 08:41:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762384 ITAT Kolkata allowed the appeal regarding assessment under Section 56(2)(X). The assessee purchased immovable property with sale consideration settled on 30th December 2016, with full payment made through banking channel on the same date. The tribunal held that since the agreement date preceded registration and payment was made through proper banking channels, the stamp duty value/circle rate applicable on the agreement date (30th December 2016) should be considered for computing income under Section 56(2)(X), not the registration date. The AO was directed to recalculate using the circle rate applicable on the agreement date. Case-Laws Income Tax Wed, 20 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762384