https://www.taxtmi.com/caselaws?id=775028 The ITAT Chennai ruled in favor of the assessee regarding addition under section 56(2)(vii)(b) of the Income Tax Act. The AO had adopted stamp duty value as on the date of registration for computing the addition. However, the tribunal found that since the assessee made part payment before the agreement date through account payee cheque, the stamp duty value should be taken as on the agreement date rather than registration date. Following the precedent in Shyamkumar Madhavdas Chugh case, the tribunal held that when an agreement fixes consideration prior to registration and part payment is made through banking channels before the agreement date, the stamp duty value on the agreement date must be considered. The matter was remanded to the AO to verify stamp duty value as on the agreement date and recompute any addition accordingly. The appeal was allowed for statistical purposes. en-us Tue, 24 Jun 2025 00:00:00 +0530 Fri, 10 Jul 2026 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775028 The ITAT Chennai ruled in favor of the assessee regarding addition under section 56(2)(vii)(b) of the Income Tax Act. The AO had adopted stamp duty value as on the date of registration for computing the addition. However, the tribunal found that since the assessee made part payment before the agreement date through account payee cheque, the stamp duty value should be taken as on the agreement date rather than registration date. Following the precedent in Shyamkumar Madhavdas Chugh case, the tribunal held that when an agreement fixes consideration prior to registration and part payment is made through banking channels before the agreement date, the stamp duty value on the agreement date must be considered. The matter was remanded to the AO to verify stamp duty value as on the agreement date and recompute any addition accordingly. The appeal was allowed for statistical purposes. Case-Laws Income Tax Tue, 24 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775028