Addition u/s. 56(2)(vii) justified due to difference in stamp duty valuation: ITAT Ahmedabad

Tejas C Joshi Vs DCIT (ITAT Ahmedabad) ITAT Ahmedabad held that addition u/s. 56(2)(vii)(b)(ii) of the Income Tax Act justified due to difference stamp duty value of the property and sale consideration. Accordingly, appeal of the assessee allowed. Facts- The assessee had purchased a land during the year vide sale deed dated 10.03.2015 for a consideration of Rs.10,28,28,600/-. In the course of assessment, the AO found that at the time of registration of the property the assessee had paid additional stamp duty. It transpired that the matter was referred to the Deputy Collector for valuation of t...