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ITAT Mumbai – Addition U/s 56(2)(vii)(b) Deleted as Stamp Value Difference within 10% Tolerance Band
Case Law Details
- Case Name
- Chandra Lalit Sanghvi 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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Chandra Lalit Sanghvi Vs ITO (ITAT Mumbai)
AO reopened assessment u/s 147 r.w.s. 144B & made addition of ₹81.99 lakh u/s 56(2)(vii)(b) on purchase of property, being difference between actual consideration and stamp duty valuation. The CIT(A) granted partial relief by restricting addition to assessee’s 1/3rd share (₹27.33 lakh), but sustained balance addition.
Before ITAT, the assessee contended that the variation between purchase consideration (₹8.27 cr) and stamp value (₹9.09 cr) was only 9.91%, i.e., within 10% tolerance band introduced through amendments to sec. 50C/56, which...
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