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Sec 56(2)(vii)(b) Addition on Stamp Duty Value – Ignoring Co-ownership DVO Request, ITAT Remands
Case Law Details
- Case Name
- Sophia Mushtaq Panirwala Vs ACIT (ITAT Mumbai)
- 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 Mumbai
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Sophia Mushtaq Panirwala Vs ACIT (ITAT Mumbai)
Sec 56(2)(vii)(b) Addition on Stamp Duty Value – Ignoring Co-ownership DVO Request, ITAT Remands
The assessee jointly purchased a property with her son (50% share each) for ₹2.86 Cr, whereas stamp duty value was ₹5.15 Cr. The AO added the entire difference of ₹2.28 Cr u/s 56(2)(vii)(b) in assessee’s hands, treating it as income from other sources. Further, AO also invoked Sec 69 r.w.s. 115BBE for unexplained investment, alleging lack of proper explanation. CIT(A) upheld the additions citing non-submission of details.
Before ITAT, it wa...
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