https://www.taxtmi.com/caselaws?id=765743 A bona fide reduction in property consideration made to pass on GST-related tax benefit, where the variation remained within the applicable safe harbour, did not attract section 56(2)(x) of the Income-tax Act, 1961. The Tribunal treated the apparent difference between the agreement value and the stamp duty value as an inadequate-consideration issue only where the transfer is not supported by a genuine commercial explanation, and held that a 1.5% variation in these facts did not justify the addition. Delay in filing the appeal was also condoned on the basis of sufficient cause, as the assessee had awaited disposal of a rectification petition. en-us Tue, 04 Feb 2025 00:00:00 +0530 Fri, 07 Feb 2025 14:22:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765743 A bona fide reduction in property consideration made to pass on GST-related tax benefit, where the variation remained within the applicable safe harbour, did not attract section 56(2)(x) of the Income-tax Act, 1961. The Tribunal treated the apparent difference between the agreement value and the stamp duty value as an inadequate-consideration issue only where the transfer is not supported by a genuine commercial explanation, and held that a 1.5% variation in these facts did not justify the addition. Delay in filing the appeal was also condoned on the basis of sufficient cause, as the assessee had awaited disposal of a rectification petition. Case-Laws Income Tax Tue, 04 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765743