https://www.taxtmi.com/highlights?id=95881 Addition under s. 56(2)(vii)(b) for alleged understatement of consideration in purchase of an immovable property was examined where the property was jointly purchased and the AO adopted stamp-duty value as on the year of registration. Since the allotment letter was issued and consideration was paid through banking channels in an earlier year, the relevant stamp-duty valuation had to be taken as on the date of allotment. On that date, the ready-reckoner value was lower than the actual consideration paid, eliminating any taxable difference; consequently, the addition made on the assessee's 50% share was held unsustainable and deleted. - ITAT en-us Fri, 09 Jan 2026 12:07:56 +0530 Fri, 09 Jan 2026 12:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=95881 Addition under s. 56(2)(vii)(b) for alleged understatement of consideration in purchase of an immovable property was examined where the property was jointly purchased and the AO adopted stamp-duty value as on the year of registration. Since the allotment letter was issued and consideration was paid through banking channels in an earlier year, the relevant stamp-duty valuation had to be taken as on the date of allotment. On that date, the ready-reckoner value was lower than the actual consideration paid, eliminating any taxable difference; consequently, the addition made on the assessee's 50% share was held unsustainable and deleted. - ITAT Highlights Income Tax Fri, 09 Jan 2026 12:07:56 +0530 https://www.taxtmi.com/highlights?id=95881