Addition Deleted as Allotment Letter Treated as Agreement Under Stamp Value Rules

Raghavendra Ramakrishna Naik Vs ITO (ITAT Mumbai) The appeal was decided by the Income Tax Appellate Tribunal, Mumbai Bench and arose from the final assessment order passed for Assessment Year (AY) 2016–17 pursuant to directions issued by the Dispute Resolution Panel under section 144C of the Income-tax Act, 1961. The dispute concerned an addition of ₹18,95,000 made under section 56(2)(vii)(b) of the Act in relation to the purchase of an immovable property. The assessee had purchased Flat No. 901 in a building known as “Prathmesh Pearls” at Bhandup (West), Mumbai. The registered sale d...