Joint Allottee, Old Payments, New Valuation: ITAT Remands s.56(2)(vii)(b) Addition for Fresh Examination

Dilip Dhirajlal Shah Vs ITO (ITAT Mumbai) Joint Allottee, Old Payments, New Valuation -Additional Evidence Changes the Landscape: ITAT Remands s.56(2)(vii)(b) Addition on Property Purchase for Fresh Examination Tribunal examined Assessee’s challenge to addition of ₹25,39,000/- made u/s 56(2)(vii)(b) on the ground that the stamp duty value of the office premises purchased in project Man Excelleza exceeded the declared consideration. AO invoked reassessment u/s 147 stating that property was purchased for ₹1,41,74,000/- against SDV of ₹1,67,13,000/-. AO rejected Assessee’s explanation t...