The Tribunal held that the agreement was executed on March 31, 2013, i.e., during the assessment year 2013-14, and the provisions of section 56(2)(vii)(b) of the Act as applicable to the assessment year 2013-14 would apply. Registration of the agreement on the subsequent date would not alter the situation. The registration of the agreement was just compliance with a legal requirement under the Registration Act of 1908. Addition was deleted. (AY.2014-15)
Rajib Rathindra Saha v. ITO (IT) (2022)95 ITR 216 (Mum) (Trib)
S. 56 : Income from other sources-Purchase of property for consideration less than stamp duty value-Agreement executed on 31-3-2013-Addition is not valid. [S. 56(2)(vii)(b)(ii)]