Section 56(2)(x) Addition Cannot Be Based on Guesswork of Stamp Duty

Debasis Das Vs ITO (ITAT Kolkata)

No Straight Reliance on Stamp Value – DVO Valuation Must Precede 56(2)(x) Addition-Tribunal Protects Assessee from Mechanical Addition Based on Stamp Duty Value

Assessee had filed return declaring income of Rs. 19.98 lakh. During scrutiny, AO noted that Assessee along with his wife, Smt. Nineesha Das, had purchased a plot for Rs. 79.92 lakh while the stamp duty value was Rs. 1.39 crore. Assessee’s 3/4th share of the differential amount of Rs. 59.94 lakh was worked out at Rs. 44.95 lakh, which AO added as income from othe

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