ITAT Mumbai – Addition U/s 56(2)(vii)(b) Deleted as Stamp Value Difference within 10% Tolerance Band

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 val

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