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Disputed stamp-duty valuation for property purchased requires the Assessing Officer to obtain a Valuation Officer's determination of fair market value before sustaining an addition under section 56(2)(vii). The valuation issue requires fresh examination of a co-owner's valuation report, its applicability, and the taxpayer's objections, with an opportunity of hearing. Claimed agricultural income likewise requires reconsideration against evidence of landholding and agricultural activity. Both the property-valuation addition and the characterisation of agricultural income require fresh adjudication rather than determination on the existing record.
Disputed stamp-duty valuation for property purchased requires the Assessing Officer to obtain a Valuation Officer's determination of fair market value before sustaining an addition under section 56(2)(vii). The valuation issue requires fresh examination of a co-owner's valuation report, its applicability, and the taxpayer's objections, with an opportunity of hearing. Claimed agricultural income likewise requires reconsideration against evidence of landholding and agricultural activity. Both the property-valuation addition and the characterisation of agricultural income require fresh adjudication rather than determination on the existing record.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4920 
