https://www.taxtmi.com/caselaws?id=461405 ITAT Jabalpur allowed the appeal for statistical purposes regarding addition under section 56(2)(vii)(b)(ii) concerning difference between stamp value and sale consideration of property. The assessee claimed compliance through account payee cheques and oral agreement with payments in FY 2012-13 via banking channels. Since submissions were made for the first time before CIT(A), ITAT set aside CIT(A)'s order and restored the matter to AO for fresh examination. Regarding penalty under section 271(1)(b), ITAT held that when assessment was completed under section 143(3) read with section 263, penalty under section 271(1)(b) cannot be imposed, finding the assessee's submissions realistic. en-us Wed, 13 Sep 2023 00:00:00 +0530 Fri, 04 Apr 2025 19:16:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461405 ITAT Jabalpur allowed the appeal for statistical purposes regarding addition under section 56(2)(vii)(b)(ii) concerning difference between stamp value and sale consideration of property. The assessee claimed compliance through account payee cheques and oral agreement with payments in FY 2012-13 via banking channels. Since submissions were made for the first time before CIT(A), ITAT set aside CIT(A)'s order and restored the matter to AO for fresh examination. Regarding penalty under section 271(1)(b), ITAT held that when assessment was completed under section 143(3) read with section 263, penalty under section 271(1)(b) cannot be imposed, finding the assessee's submissions realistic. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461405