Property Investment Explained from Salary Account; Additions u/s 56(2)(vii)(b) & 69 Deleted: ITAT Kolkata

Nibedita Deb Barma Vs ITO (ITAT Kolkata) Assessee filed return declaring income of ₹15,48,730/-. Case was selected for scrutiny on issue of disclosure of investment in property. AO held that Assessee purchased property during FY 2015-16. Since she failed to furnish satisfactory explanation, AO made two additions – (i) ₹8,14,164/- being difference between consideration & stamp duty valuation, invoking s.56(2)(vii)(b), & (ii) ₹11,20,984/- as unexplained investment u/s 69. Total income was assessed at ₹34,83,880/-. CIT(A) partly allowed appeal by- Reducing addition u/s 56(2)(vi...