Small Stamp Duty Variations Cannot Trigger Section 56(2)(vii)(b) Deemed Income

Nilesh Pravinchandra Doshi Vs ITO (ITAT Mumbai) Tolerance Limit Applies to Section 56(2)(vii)(b) — ITAT Deletes Property & LTCG Additions The Mumbai SMC Bench of the Income Tax Appellate Tribunal partly allowed the assessee’s appeal for AY 2017-18, granting substantial relief on multiple additions made in reassessment proceedings. On the issue of addition under section 56(2)(vii)(b) relating to purchase of immovable property, the Tribunal noted that the difference between the agreement value and stamp duty valuation was only 4.87%, which falls within the permissible tolerance band. Fol...