section 56(2)(vii). Difference between actual consideration and stamp duty value

The assessee is an individual engaged in the business of real estate dealings as well as in real estate consultancy. Assessee is also a partner in various partnership firms from which he derives exempt income and also has agricultural income. During the year  assesseehad entered into Sathekhat with land owner  for purchase of land on 04.07.2015 amounting to Rs. 1,85,00,000/- and paid Rs. 1.00 crores against the said “Sathekhat” and balance amount of Rs. 85.00 lakhs to be paid at the time of execution of the registered agreement for sale of land by the land owners in the name of…

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