https://www.taxtmi.com/caselaws?id=775679 The ITAT Ahmedabad held that Section 56(2)(vii)(b)(ii) is applicable only to Individuals and HUFs receiving immovable property for inadequate consideration and does not extend to partnership firms, which are distinct entities under the Partnership Act and assessed separately under the Income Tax Act. Consequently, the difference between stamp value and purchase consideration could not be taxed under this provision in the case of the partnership firm. The tribunal found no valid reason to invoke revision under Section 263 and allowed the assessee's appeal. en-us Wed, 16 Jul 2025 00:00:00 +0530 Tue, 29 Jul 2025 08:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775679 The ITAT Ahmedabad held that Section 56(2)(vii)(b)(ii) is applicable only to Individuals and HUFs receiving immovable property for inadequate consideration and does not extend to partnership firms, which are distinct entities under the Partnership Act and assessed separately under the Income Tax Act. Consequently, the difference between stamp value and purchase consideration could not be taxed under this provision in the case of the partnership firm. The tribunal found no valid reason to invoke revision under Section 263 and allowed the assessee's appeal. Case-Laws Income Tax Wed, 16 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775679