Sec 56(2)(vii)(b) Addition on Stamp Duty Value – Ignoring Co-ownership DVO Request, ITAT Remands

Sophia Mushtaq Panirwala Vs ACIT (ITAT Mumbai) Sec 56(2)(vii)(b) Addition on Stamp Duty Value – Ignoring Co-ownership DVO Request, ITAT Remands The assessee jointly purchased a property with her son (50% share each) for ₹2.86 Cr, whereas stamp duty value was ₹5.15 Cr. The AO added the entire difference of ₹2.28 Cr u/s 56(2)(vii)(b) in assessee’s hands, treating it as income from other sources. Further, AO also invoked Sec 69 r.w.s. 115BBE for unexplained investment, alleging lack of proper explanation.  CIT(A) upheld the additions citing non-submission of details. Before ITAT, it wa...