Addition under Section 56(2)(vii)(b) Deleted; Stamp Duty Difference within 10% Tolerance

Naresh Kumar Morya Vs ITO (ITAT Delhi) The Delhi Bench of the ITAT allowed the appeal of Naresh Kumar Morya for AY 2017-18 and deleted the addition of ₹3.33 lakh made under section 56(2)(vii)(b) on account of alleged undervaluation of immovable property. The assessee had purchased a residential flat for a consideration of ₹49 lakh, whereas the stamp duty value was ₹52.33 lakh. The Assessing Officer treated the differential amount as income from other sources and made an addition, which was confirmed by the NFAC/CIT(A). The Tribunal held that the difference between the actual consideratio...