Tolerance Band Benefit Allowed Even After DVO Valuation – Sec 56(2)(x) Addition Deleted: ITAT Mumbai

Jawaharlal Devidas Chhabria Vs ITO (ITAT Mumbai) Tolerance Band Benefit Allowed Even After DVO Valuation – Sec 56(2)(x) Addition Deleted – ITAT Mumbai The assessee purchased property at a price lower than stamp duty value, leading to addition u/s 56(2)(x). After DVO reference, valuation difference reduced to ₹5.76 lakh and CIT(A) restricted addition to ₹1.92 lakh (assessee’s 1/3rd share). Before ITAT, the assessee argued that once DVO value falls within permissible tolerance range under proviso to sec 50C(1), no addition should survive. Tribunal held that DVO valuation u/s 50C(2) and...