No Section 56(2)(x) addition if Market Value Difference Is Within 10% tolerance limit

Tarun Mohan Jani Vs ACIT (ITAT Mumbai) The claim of the assessee is that assessee should be granted the benefit of tolerance limit of 10% as per Section 56(2)(x). If the same is granted the addition does not survive.  In the case of Tarun Mohan Jani vs ACIT, the Income Tax Appellate Tribunal (ITAT) Mumbai ruled in favor of the appellant, granting him relief from an addition of ₹3,92,000 made under Section 56(2)(x) of the Income Tax Act, 1961. The dispute arose over the purchase of an industrial warehouse in Mumbai, where the transaction value was lower than the stamp duty valuation. The Ass...