Stamp Duty Value Cannot Be Adopted Without DVO Reference When Property Title Is Disputed

Rashmi Seventilal Vakharia Vs ITO (ITAT Mumbai) The appeal before the ITAT Mumbai arose from the order of the Commissioner of Income Tax (Appeals), NFAC, Delhi, for Assessment Year 2018-19, wherein the Assessing Officer had invoked Section 56(2)(x) of the Income Tax Act, 1961 and added Rs. 3,17,30,016/- being the difference between the stamp duty value and the actual purchase consideration of an immovable property purchased by the assessee. The assessee challenged the addition on the ground that the Assessing Officer adopted the stamp duty value without referring the matter to the Departmental...