https://www.taxtmi.com/caselaws?id=772364 The ITAT Kolkata held that Section 56(2)(X) provisions regarding difference between stamp value and purchase price were wrongly applied by the AO and CIT(A). The property purchase agreement was executed on 28.12.2012, before Section 56(2)(X) was introduced by Finance Act 2017 with effect from 01.04.2017 for AY 2017-18. Since the agreement predated the statutory provision, the section could not be invoked retrospectively. The assessee's appeal was allowed, and the addition made by the AO was deleted. en-us Mon, 19 May 2025 00:00:00 +0530 Thu, 05 Jun 2025 14:54:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772364 The ITAT Kolkata held that Section 56(2)(X) provisions regarding difference between stamp value and purchase price were wrongly applied by the AO and CIT(A). The property purchase agreement was executed on 28.12.2012, before Section 56(2)(X) was introduced by Finance Act 2017 with effect from 01.04.2017 for AY 2017-18. Since the agreement predated the statutory provision, the section could not be invoked retrospectively. The assessee's appeal was allowed, and the addition made by the AO was deleted. Case-Laws Income Tax Mon, 19 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772364