ITAT directs AO to consider stamp duty value on allotment date for Section 56(2)(vii)(b) addition

Rekha Singh Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, delivered a significant ruling in the case of Rekha Singh vs ITO. The tribunal directed the Assessing Officer (AO) to consider the stamp duty value on the date of allotment for making additions under Section 56(2)(vii)(b) of the Income Tax Act, 1961. This article delves into the details of the case, examining the background, AO’s observations, CIT(A)’s decision, and the crucial ruling by the ITAT. Detailed Analysis: 1. Background and AO’s Observations: Rekha Singh, the assessee, had jointly pu...