The case of the Assessee was selected for scrutiny. AO observed that the Assessee had purchased a flat and the consideration paid for the flat is less than the stamp duty value of the flat and made addition u/s 56(2)(vii)(b) of the Act. The case of the Assessee was that the date of allotment letter fixing the amount of consideration for the transfer of property and date of registration are not the same, therefore market value as on the date of allotment letter may be taken for the purpose of section 56(2)(vii)(b) of the Act. The Tribunal held that, based on the chronology of events, the Assessee is entitled to the benefits of proviso to Section 56(2)(vii)(b). It was also observed that the Assessee has paid the parts of consideration as per the terms and conditions of allotment through banking channels prior to the execution of Sale agreement, the provisos to S.56(2)(x) shall apply to the facts of the present case. However, the date of the allotment letters were not brought on record, therefore, the case of the assessee was restore back to AO for the limited purpose of comparing the actual sale consideration with the stamp duty valuation as on the date of respective allotment letters.   (AY. 2014-15)