S.56(2)(vii) cannot be Invoked if Property is Purchased for more than Circle Rate: ITAT [Read Order]

Property - Property is Purchased - Circle Rate - ITAT - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that Section 56(2)(vii) of the Income Tax Act, 1961 could not be invoked if the property was purchased more than the circle rate. The appeals had been filed by two assessees Vinit Kumar and Vijay Kumar. Since the issues were common and connected, they…

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