Section 56(2)(x) Addition Deleted as Price Variation was Within 10% Tolerance

Kiran Ashok Desai Vs PCIT (ITAT Mumbai) Addition u/s. 56(2)(x) deleted as variation between purchase price and DVO value falls within tolerance limit of 10% ITAT Mumbai held that addition under section 56(2)(x) of the Income Tax Act not justified since value adopted by the DVO and actual purchase price declared by the assessee falls within the tolerance limit of 10%. Accordingly, appeal allowed. Facts- During the year under consideration, the assessee received a gift of Rs. 4.77 crores from his father and the same is claimed to be exempt u/s. 56(2) (vi) of the Act. During the year, assessee ha...