https://www.taxtmi.com/caselaws?id=788054 Addition under Section 56(2)(x)(b) was challenged where a sale deed was subsequently cancelled by a registered cancellation deed and the assessee's share of consideration was repaid; the Tribunal held that the statutory circumstances for treating the gap between stamp valuation and declared consideration as deemed income do not subsist once the transaction is legally rescinded and restitution effected. The Tribunal relied on the evidentiary and operative effect of the registered cancellation and restitution, and allowed the appeal, deleting the impugned addition by the revenue. en-us Fri, 13 Mar 2026 00:00:00 +0530 Mon, 16 Mar 2026 08:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788054 Addition under Section 56(2)(x)(b) was challenged where a sale deed was subsequently cancelled by a registered cancellation deed and the assessee's share of consideration was repaid; the Tribunal held that the statutory circumstances for treating the gap between stamp valuation and declared consideration as deemed income do not subsist once the transaction is legally rescinded and restitution effected. The Tribunal relied on the evidentiary and operative effect of the registered cancellation and restitution, and allowed the appeal, deleting the impugned addition by the revenue. Case-Laws Income Tax Fri, 13 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788054