Addition for undervaluation not justified without alleging that assessee received more consideration than what is stated in the sale deed

Full Text of the ITAT Order is as follows:-

This is an appeal against the order of the Income Tax Appellate Tribunal dismissing the appeal against the order of the Commissioner of Income Tax (Appeals) allowing the assessee’s appeal against the order of the Assessing Officer. The matter pertains to the assessment year 2006-07.

2. According to the appellant, the following substantial questions of law arise:-

i) Whether on the facts and in the circumstances of the case, the Hon’ble ITAT is right in deleting the addition by  holding that the transaction with a related party was not in terms of provisions of Section 40A(2)(b) of the Income Tax Act whereas the provisions of this Section were clearly applicable to the facts of the case?

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