ITAT Deletes Addition Because Stamp Duty Value Ignored Illegal Construction

Shadaksharaswamy Doddagangavadi Veeraiah Vs ITO (ITAT Bangalore) Bangalore ITAT Deletes Entire Addition on Flat Purchase- Arbitrary 1/5th Estimate Rejected, BBMP Demolition Notice Explains Lower Purchase Value The Bangalore ITAT deleted the entire addition made against a Karnataka Police Head Constable in a reassessment case arising out of purchase of a residential flat for ₹42 lakh as against a stamp duty value of ₹55.81 lakh. The Tribunal held that the CIT(A)’s action of sustaining 1/5th of the alleged unexplained investment purely on estimate basis was arbitrary and without any founda...