3.25% Property Valuation Variation Within 10% Limit Under Section 56(2)(x)

Jitendra Vanigota Vs ITO (ITAT Mumbai) In the case of Jitendra Vanigota vs ITO, the assessee appealed against an order by the Income Tax Officer (ITO) for the assessment year 2020-21. The core issue revolved around the valuation of an immovable property purchased by the assessee. The property was bought under an agreement made in 2013, with the official registration occurring in 2019. The difference between the actual transaction value of ₹18.32 million and the stamp duty valuation of ₹18.91 million led to a ₹595,000 addition to the assessee’s income under Section 56(2)(x) of the Incom...