Circle Rate-Based Land Valuation Accepted for Section 56(2)(viib) FMV: ITAT Delhi

KBC India Private Limited Vs ITO (ITAT Delhi) The ITAT Delhi considered an appeal against the order of the Commissioner of Income-tax (Appeals)/National Faceless Appeal Centre (NFAC) for Assessment Year 2017-18 concerning an addition made under Section 56(2)(viib) of the Income-tax Act, 1961. The assessee submitted that the issue had already been decided in its favour by a coordinate bench of the Tribunal in its own case and sought similar relief. The Revenue relied on the orders of the lower authorities. The Tribunal noted that the dispute was not regarding the genuineness of the transaction ...