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Interplay of section 50C, 69B and 56(2)(vii)/(x) in the light of judgment in K.P. Varghese’ case.

February 14, 2020[2020] 114 taxmann.com 229 (Article)
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The issue whether provisions of section 50C can be invoked in the hands of the buyer is, by now, settled. It cannot be invoked in the hands of the buyer of immovable property (land or building or both). However, the AOs used to make addition, u/s 69B, in the hands of the buyer on the presumption that the difference between Stamp Duty Valuation and apparent sale consideration would have been paid by the buyer to the seller of immovable property.
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