No Section 56(2)(x)(b)(B)(ii) Addition for Valuation Difference of less than 10%

Glory Shipmanagement Private Limited Vs CIT (Appeals) (ITAT Mumbai)

Introduction: Glory Shipmanagement Private Limited contested against the order passed by the Commissioner of Income Tax (Appeals), challenging the addition made under Section 56(2)(x) of the Income Tax Act. The disagreement arose over the difference between the purchase value and the fair market value of an acquired property.

Detailed Analysis: The Assessing Officer noted a variance between the purchase value and the

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