Allowing the appeal of the assessee the Tribunal held that , Purchase of property from a company wherein the assessee is also director can not be assessed as income from other sources , as the amendment to assess difference arising out of stamp duty value and actual sale consideration as income in case of sale of property for a consideration less than stamp duty value of property was incorporated into statute by Finance Act, 2013 with effect from 1-4-2014 . (AY.2010-11 , 2012-13)
Keshavji Bhuralal Gala v. ACIT (2018) 169 ITD 23 /165 DTR 8/ 193 TTJ 227 / 63 ITR 67 (SN)(Mum) (Trib.)
S. 56: Income from other sources – Purchase of property from a company wherein the assessee is also director can not be assessed as income from other sources , as the amendment to assess difference arising out of stamp duty value and actual sale consideration as income in case of sale of property for a consideration less than stamp duty value of property was incorporated into statute by Finance Act, 2013 with effect from 1-4-2014[ S. 56(2)(vii) ]