https://www.taxtmi.com/caselaws?id=767324 The Court quashed the addition of Rs. 97,72,517/- under Section 56(2)(vii)(b) of the Income Tax Act, finding it unsustainable. It concluded that the stamp duty valuation should be considered as of the date of the agreement (F.Y. 2009-10) rather than the date of registration (A.Y. 2017-18) since the consideration was paid through non-cash modes. The matter was remanded to the A.O. for reassessment based on the correct valuation date, ensuring the assessee is given a reasonable opportunity for a hearing. en-us Wed, 12 Mar 2025 00:00:00 +0530 Sat, 15 Mar 2025 08:41:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767324 The Court quashed the addition of Rs. 97,72,517/- under Section 56(2)(vii)(b) of the Income Tax Act, finding it unsustainable. It concluded that the stamp duty valuation should be considered as of the date of the agreement (F.Y. 2009-10) rather than the date of registration (A.Y. 2017-18) since the consideration was paid through non-cash modes. The matter was remanded to the A.O. for reassessment based on the correct valuation date, ensuring the assessee is given a reasonable opportunity for a hearing. Case-Laws Income Tax Wed, 12 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767324