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Joint Allottee, Old Payments, New Valuation: ITAT Remands s.56(2)(vii)(b) Addition for Fresh Examination
Case Law Details
- Case Name
- Dilip Dhirajlal Shah Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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Dilip Dhirajlal Shah Vs ITO (ITAT Mumbai)
Joint Allottee, Old Payments, New Valuation -Additional Evidence Changes the Landscape: ITAT Remands s.56(2)(vii)(b) Addition on Property Purchase for Fresh Examination
Tribunal examined Assessee’s challenge to addition of ₹25,39,000/- made u/s 56(2)(vii)(b) on the ground that the stamp duty value of the office premises purchased in project Man Excelleza exceeded the declared consideration. AO invoked reassessment u/s 147 stating that property was purchased for ₹1,41,74,000/- against SDV of ₹1,67,13,000/-. AO rejected Assessee’s explanation t...
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