The ITAT Raipur considered the addition u/s 69 or 56(2)(vii)(b)...

The ITAT Raipur considered the addition u/s 69 or 56(2)(vii)(b) concerning the variance between guideline rates and actual purchase prices of immovable property. The tribunal analyzed the applicability of the 1st and 2nd provisos to Section 56(2)(vii)(b) of the Act, finding pre-conditions satisfied in the case. The purchase deed details confirmed the consideration paid for the property, aligning with the agreement executed in 1991. The tribunal upheld the CIT(A)'s decision that no undisclosed investment was evident, dismissing the AO's addition u/s 69. The difference between stamp value and actual consideration was deemed notional income, not unexplained investment. The tribunal rejected the revenue's appeal on these grounds. Additionally, the tribunal dismissed the revenue's challenge regarding the admission of additional evidence by the CIT(A), noting that the documents were previously submitted to the AO.