https://www.taxtmi.com/caselaws?id=794408 An allotment letter that fixes the property, consideration and payment terms may qualify as an "agreement" for the first and second provisos to section 56(2)(vii)(b), if it creates enforceable rights and the non-cash payment condition is met. The Tribunal found the narrow view that only a registered agreement could attract the provisos to be incorrect. However, it held that the key factual conditions had not been properly verified, including whether the allotment letter specified the consideration, whether payment was made through banking channels on or before the relevant date, and whether stamp duty value could be adopted with reference to the allotment date. The matter was restored for limited verification and recomputation if necessary. en-us Tue, 30 Jun 2026 00:00:00 +0530 Sat, 04 Jul 2026 08:15:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794408 An allotment letter that fixes the property, consideration and payment terms may qualify as an "agreement" for the first and second provisos to section 56(2)(vii)(b), if it creates enforceable rights and the non-cash payment condition is met. The Tribunal found the narrow view that only a registered agreement could attract the provisos to be incorrect. However, it held that the key factual conditions had not been properly verified, including whether the allotment letter specified the consideration, whether payment was made through banking channels on or before the relevant date, and whether stamp duty value could be adopted with reference to the allotment date. The matter was restored for limited verification and recomputation if necessary. Case-Laws Income Tax Tue, 30 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794408