Held that prior to the amendment made by the Finance Act, 2013, w.e.f. 1st April, 2014, addition under s. 56(2) (vii) (b) could be made only if any immovable property, with stamp duty value exceeding Rs. 50,000, was acquired without consideration; amendment made by the Finance Act, 2013 w.e.f. 1st April, 2014, is applicable to asst. yr. 2014-15 and subsequent years; further, addition under s. 69 could be made only in respect of actual investment made by the assessee in the property and not in respect of Jantri value. Addition is deleted. (AY. 2012-13)
Pooja Dipen Joshi v. ITO (2024) 232 TTJ 34 (UO) (Ahd) (Trib) Ashokkumar C.Joshi v. ITO (2024) 232 TTJ 34 (UO) (Ahd) (Trib)
S. 56 : Income from other sources-Stamp value-Purchase of property jointly with eight persons-Less than stamp duty value-Addition cannot be made under section 69 of the Act-Provisions in Finance Act, 2013 has clarified that this amendment was not clarificatory in nature-It is categorically mentioned that this amendment was effective from 1st April, 2014 onwards and applicable to Assessment year 2014-15.[56(2)(vii)(b)]
Leave a Reply