Addition invoking section 56(2)(vii)(b) unsustained as stamp duty value less than agreement value

Shilpa Gautam Vs ITO (ITAT Mumbai) ITAT Mumbai held that as conditions in second proviso to section 56(2)(vii)(b) satisfied, stamp duty as on the date of agreement would be compared with agreement value. Accordingly, since the stamp duty value is less than the agreement value, addition unsustainable. Facts- The Appellant, a non-resident individual, did not file return of income. During the re-assessment proceedings, the Appellant was asked to show-cause, vide notice dated 20.03.2021, as to why INR 55,88,800/-, being difference between stamp duty value on the date of registration of the agreeme...