Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
The assessee disputed the stamp duty value of land purchased, leading to the matter being referred to the District Valuation Officer (DVO). The DVO's valuation, based on comparable cases not objected by the assessee, was adopted as the assessee had not provided any other registered valuer's report. The CIT(A) upheld the addition u/s 56(2)(vii)(b)(ii) for the difference between purchase price and DVO's valuation, as the assessee failed to controvert the findings. The ITAT found no merit in the assessee's grounds and upheld the CIT(A)'s order, deciding against the assessee and confirming the addition u/s 56(2)(vii)(b)(ii).
The assessee disputed the stamp duty value of land purchased, leading to the matter being referred to the District Valuation Officer (DVO). The DVO's valuation, based on comparable cases not objected by the assessee, was adopted as the assessee had not provided any other registered valuer's report. The CIT(A) upheld the addition u/s 56(2)(vii)(b)(ii) for the difference between purchase price and DVO's valuation, as the assessee failed to controvert the findings. The ITAT found no merit in the assessee's grounds and upheld the CIT(A)'s order, deciding against the assessee and confirming the addition u/s 56(2)(vii)(b)(ii).
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