Section 56(2)(vii)(b) Automatic, but DVO Reference Mandatory When Valuation Disputed

Devyani Deepak Rawtal Vs ITO (ITAT Indore) The ITAT, Indore Bench held that addition u/s 56(2)(vii)(b) is statutory & automatic where stamp duty value exceeds purchase consideration, and the plea that property was purchased from a reputed listed developer does not dilute the provision. Accordingly, the 50% share of stamp value difference was rightly brought to tax in principle. However, the Tribunal drew a clear distinction on valuation safeguard. Since the assessee had specifically disputed stamp valuation and requested DVO reference in objections filed u/s 144C(2), denial of such referen...