ITAT Chennai: No Addition U/s 56(2)(vii) Where Valuation Difference Within 10% Tolerance Band

Thiruchangodu Ramasamy Khannaiyann Sarasuwathi Vs DCIT (ITAT Chennai) ITAT Chennai: No Addition u/s 56(2)(vii) Where Valuation Difference Within 10% Tolerance Band The assessee purchased four immovable properties, where the stamp duty values exceeded the purchase consideration, leading the AO to make addition of ₹3.86 crore u/s 56(2)(vii). The AO had also made addition of ₹40 lakh u/s 50C on sale of property and disallowed part of agricultural income. The assessment was completed without awaiting the valuation reports from the Departmental Valuation Officer (DVO), even though reference had...