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Revised Tax Assessment: Section 263 Clarifies Market vs. Stamp Value Discrepancies u/s 56(2)(vii)(b) for 2013-14.
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....Revision u/s 263 - provision of s.56(2)(vii)(b)(ii) was applicable - market value of the subject property vs stamp value - the stated sale consideration is not the actual sale consideration and, therefore, the deeming of sec. 56(2)(vii)(b) shall apply - the difference in value may well have been paid upon or prior to the execution of the sale deed and its presentation for registration - This is as, where so, the addition would in that case arise only for AY 2013-14, and not AY 2014-15, the current year. - AT....