Property bought for ₹6.5 crore but valued at ₹8.85 crore: How buyer won relief from ₹2.35 crore tax addition
· livemint.com
A property buyer who paid ₹6.5 crore for a property valued at ₹8.85 crore for stamp duty purposes won relief from a ₹2.35 crore tax addition. ITAT Mumbai ruled that a higher stamp-duty value alone cannot prove undisclosed investment under Section 69B without evidence of extra payment.
A property buyer who purchased an immovable property for ₹6.5 crore despite its stamp-duty value being ₹8.85 crore has won relief from the Income Tax Depart...