https://www.taxtmi.com/caselaws?id=771523 ITAT Pune allowed the assessee's appeal and directed deletion of additions under section 56(vii)(b). The tribunal found that the assessee paid Rs. 5,00,20,000 total to seller and consenting parties for deed cancellation, exceeding the market value of Rs. 4,74,00,000. Revenue failed to prove actual property transfer or possession handover to purchaser. The AO and CIT(A)/NFAC erroneously treated an unregistered agreement as sale deed and ignored additional payments made for cancellation, making the deemed gift provisions inapplicable. en-us Fri, 23 May 2025 00:00:00 +0530 Tue, 27 May 2025 08:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771523 ITAT Pune allowed the assessee's appeal and directed deletion of additions under section 56(vii)(b). The tribunal found that the assessee paid Rs. 5,00,20,000 total to seller and consenting parties for deed cancellation, exceeding the market value of Rs. 4,74,00,000. Revenue failed to prove actual property transfer or possession handover to purchaser. The AO and CIT(A)/NFAC erroneously treated an unregistered agreement as sale deed and ignored additional payments made for cancellation, making the deemed gift provisions inapplicable. Case-Laws Income Tax Fri, 23 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771523