Sec 56(2)(x) Covers All Immovable Properties, Including Agricultural Land; AO Must Refer Disputed Valuation to DVO

Clayking Minerals LLP Vs ITO (ITAT Ahmedabad) Sec 56(2)(x) applies to any immovable property, including agricultural land & when the assessee disputes stamp duty valuation, AO must refer to DVO Assessee’s   income tax return  filed declaring  loss   was selected for ‘Limited Scrutiny’ through CASS to examine whether the purchase value of a property was less than the value determined by the stamp valuation authority u/s 56(2)(x).  AO noted that the assessee purchased a property for Rs. 42,72,000/-, whereas the stamp duty value of the same was Rs. 1,15,62,880/-.  As...