For Section 56(2)(x) Stamp Duty Value on Allotment Date Must Be Considered: ITAT Mumbai

Smt. Shashi Yogendra Raj Singhavi Vs ITO (ITAT Mumbai) The appeal before the ITAT Mumbai arose from the order of the National Faceless Appeal Centre (NFAC) dated 17.09.2021 for Assessment Year 2018-19. The dispute related to an addition of Rs. 45,41,815 made under Section 56(2)(x) of the Income Tax Act, 1961 and assessed as “Income from Other Sources.” The assessee had filed a return declaring total income of Rs. 49,33,640 after claiming deductions under Chapter VIA. The case was selected for limited scrutiny on issues relating to investment in immovable property and capital gains on sale ...