Vinod Kumar Sharma v. ACIT - Section 56(2)(x) stamp duty value vs. actual FMV

The ITAT Delhi Bench held that for the purpose of Section 56(2)(x), the "stamp duty value" used as the benchmark for immovable property received without consideration must be determined as on the date of execution of the agreement to purchase/gift (and not the registration date), where the consideration was fixed by the parties before the actual registration. This is consistent with the proviso to Section 56(2)(x) which allows the buyer to use the stamp duty value as on the date of the agreement if consideration was paid before registration. The Tribunal also held that the assessee can challenge the stamp duty value by making a reference to the Valuation Officer.

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