ITAT adjudicated a dispute involving sections 50C, 56(2)(vii),...

ITAT adjudicated a dispute involving sections 50C, 56(2)(vii), and 69B regarding property valuation and tax assessment. The tribunal found that the Assessing Officer (AO) incorrectly applied section 69B instead of invoking exceptions under sections 50C and 56(2)(vii). The AO improperly relied on the Stamp Duty Valuation Authority's valuation without considering the actual consideration agreed in the purchase agreement. The tribunal held that the Assessee discharged its burden of proof and demonstrated the legitimacy of the property transaction. Regarding section 35AC, the tribunal remanded the matter to the AO for verification of donation-related documents and potential deduction allowance, directing a comprehensive review of submitted receipts and notifications.

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