If a partnership firm purchased land in 2001 by way of agreement to purchase on 100Rs. Stamp Paper and whole consideration was paid in cash and the possession was handed over,but the Purchase Deed in respect of the same was registered in 2009, Can the A.O. makes addition in the income of Purchaser on the basis that the Stamp Duty Valuation in 2009 as the deed is registered in that year.
Plz share your views with Section under which it can be made or can not be made.
" Stamp Paper and whole consideration was paid in cash and the possession was handed over,but the Purchase Deed in respect of the same was registered in 2009, Can the A.O. makes addition in the income of Purchaser on the basis that the Stamp Duty Valuation in 2009 as the deed is registered in that year"
Section 56(2)(vii) applicable from 1.4.2014, only to individual or HUF but not over firm.....
Refer: https://www.kaanoon.com/50138/it-act-56-2-vii-effect-on-buying-a-property
Agreed Sir, but what about Section 69 B? as there is no documentary evidence except simple agreement on Stamp which is not even Notarised?
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