Addition u/s 56(2)(vii)(b) Deleted for Want of DVO Reference: ITAT Lucknow Quashes ₹11.59 Lakh Addition

Sanjeev Kumar Saxena Vs ITO (ITAT Lucknow) The Lucknow SMC Bench of the Income Tax Appellate Tribunal, Lucknow Bench partly allowed the assessee’s appeal for AY 2015-16 and deleted the addition of ₹11,59,091 made under section 56(2)(vii)(b) on account of alleged difference between stamp-duty value and actual purchase consideration of immovable property. The Assessing Officer had invoked section 56(2)(vii)(b) (read with section 50C principles) without making a mandatory reference to the Departmental Valuation Officer (DVO), despite a specific request by the assessee disputing the stamp-duty...