Section 56(2)(x)(b) Addition Deleted Following ITAT’s Decision in Co-owner’s Case

Arvindkumar Jagjivandas Thakkar Vs ITO (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT) Ahmedabad, in the case of Arvindkumar Jagjivandas Thakkar Vs ITO, addressed an appeal challenging an order by the Commissioner of Income Tax (Appeals) [CIT(A)] that upheld an addition of Rs. 11,61,850/- under Section 56(2)(x)(b) of the Income Tax Act, 1961. This addition stemmed from the purchase of a parcel of land by the assessee and co-owners for a total consideration of Rs. 2,01,00,000/-. The stamp duty value of the land was assessed at Rs. 3,32,00,000/-. Due to the stamp duty value exceeding the a...