AO Must Refer to DVO Before 56(2)(x) Addition – ITAT Follows Calcutta HC Ruling

Nineesha Das Vs ITO (ITAT Kolkata) Assessee had purchased a commercial property for Rs. 59.94 lakh, whereas the stamp duty value was Rs. 1.39 crore. AO treated 25% of the differential amount, corresponding to the Assessee’s 1/4th share, as income from other sources u/s 56(2)(x). CIT(A) upheld the addition by passing an ex parte order. Before the Tribunal, Assessee explained that actual consideration of Rs. 79.92 lakh had been paid jointly & that AO had erred in mechanically adopting stamp duty value without referring the matter to the DVO. Tribunal observed that as per the Calcutta High ...