Section 56(2)(x) Addition Not Warranted on Guideline Value Alone: ITAT Chennai

Ramesh Vs ITO (ITAT Chennai) Chennai ITAT: Registered Mortgage Adjustment Is Not Fresh Investment; Guideline Value Alone Cannot Trigger Section 56(2)(x) Addition The Chennai ITAT granted complete relief to the assessee by deleting additions made under sections 69A and 56(2)(x), holding that an earlier loan adjusted against the purchase price of a property cannot be treated as a fresh unexplained investment, and that stamp duty guideline value by itself is not conclusive evidence of the property’s fair market value. The Assessing Officer had treated ₹50 lakh as unexplained investment un...