Just a moment...

⚠✕
❮ Top
☎ Help
AI Drafter ✕

TaxTMI AI Drafter workflow from input facts to final legal draft Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

Try Now →
☰
×

By creating an account you can:

Logo TaxTMI
>
Keyword Search :
AI Tools : New
Ask tax questions in natural language. Powered by AI trained on the TaxTMI legal database. Use AI Tools ➞
Call Us / Help / Feedback✕

Contact Us At :

✉ E-mail: [email protected]

✆ Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS
PrevPreviousNextNext

Sale consideration from bank auction at fair market value, no addition for undervalued property.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Section 56(2)(x) addition - difference between fair market value and sale consideration not applicable when property purchased through bank auction, being a statutory process without scope for understatement of consideration. Tribunal's view upheld that Assessing Officer erred in making such addition, set aside Commissioner's order in assessee's favor.....

PrevPreviousNextNext