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ITAT Remands Rs. 1.76 Cr Property Valuation Case for DVO Assessment Report
Case Law Details
- Case Name
- Lakshmi Ojha Vs ITO (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Kolkata
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Lakshmi Ojha Vs ITO (ITAT Kolkata)
The appeal filed by Lakshmi Ojha against the order of the Ld. CIT(A)-NFAC for the Assessment Year 2020-21 was primarily concerned with a large addition made by the Assessing Officer (AO) due to the difference between the property’s declared purchase price and its stamp valuation. The assessee reported the purchase of a property at Rs.4,00,000/-, significantly below the stamp valuation authority’s value of Rs.1,84,38,570/-. Due to the assessee’s non-response to a show cause notice, the AO invoked Section 56(2)(x) (deeming the difference as &#...
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