ITAT Deletes Section 56(2)(x)(b)(B) Additions: Consideration Paid via Banking Channels

Guhagar Taluka Kunbi Sahakari Patpedhi Ltd Vs ITO (ITAT Mumbai) In the case of Guhagar Taluka Kunbi Sahakari Patpedhi Ltd vs. Income Tax Officer (ITO), Mumbai, the Income Tax Appellate Tribunal (ITAT) addressed an appeal against the order of the Commissioner of Income Tax (Appeals) (CIT(A)) for the Assessment Year 2018-19. The appellant challenged the addition made by the Assessing Officer (AO) under Section 56(2)(x)(b)(B) of the Income Tax Act, 1961. The AO noted that the appellant had purchased an immovable property for a consideration of INR 7,20,000, while the stamp duty valuation was INR ...