Section 56(2)(vii)(b) Addition by adopting Land Value of Adjacent Area is unjustified

Damodaran Jaishankar Vs ITO (ITAT Chennai) The issue under consideration is whether the AO is correct in adopting land value of adjacent area, just because the colony is adjacent to a road, which has a higher guideline value is justified in law and in ignoring the specific guideline value fixed by the Government in respect of specific colony or flat? ITAT states that. the sale deed is not a subject matter of re-valuation of the Sub-Registrar, nor is there any allegation of low stamp duty in respect of the said property by the Sub-Registrar. Guideline value listed shows that in respect of Jayan...