sec.56(2)(vii)

[sai prasad]

the department  is issuing spate of letters/notices  to purchasers of properties , where the consideration paid is less than  market value/guide line value. Whether  the said sec. is applicable to purchases since the word used is 'received"  doesnot  mean purchase/sale .

Further  is it applicable to capital assets as per sec.2(14)?

whether  fiction of treating the difference between apparent consideration and market value is tenable?

If  an Indl/Huf claims that property purchased is meant to be stock in trade ? how to justify the same?

your views are welcome

[camanojgupta]

the section is intented to cover purchases but there is drafting error as suggested by u