ITAT Restricts Section 56(2)(vii)(b) Addition to 50% for Joint Property Purchase

Jashoda Khimji Bhadra Vs ITO (ITAT Mumbai) The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) heard an appeal filed by the assessee, Jashoda Khimji Bhadra, against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for the Assessment Year (A.Y.) 2017-18. The appeal primarily challenged an addition of ₹8,60,000/- made by the Assessing Officer (AO) under Section 56(2)(vii)(b) of the Income-tax Act. This section deals with the difference when the stamp duty value of an immovable property exceeds the actual consideration paid for its purchase. In this case, the assessee pur...