Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
The ITAT held that the addition under section 56(2)(x)(b) for difference between the FMV determined by the DVO and the purchase price was not sustainable, as the discrepancy was only 4%, falling within the statutory tolerance band of 5% introduced from 01/04/2019. The DVO's valuation was based on flats situated on higher floors, which typically command higher prices, whereas the assessee's flat was on a lower floor, justifying the lower purchase price. Consequently, the tribunal allowed the assessee's appeal, ruling that no addition could be made when the difference between the stamp duty value and actual consideration is below the prescribed threshold.
The ITAT held that the addition under section 56(2)(x)(b) for difference between the FMV determined by the DVO and the purchase price was not sustainable, as the discrepancy was only 4%, falling within the statutory tolerance band of 5% introduced from 01/04/2019. The DVO's valuation was based on flats situated on higher floors, which typically command higher prices, whereas the assessee's flat was on a lower floor, justifying the lower purchase price. Consequently, the tribunal allowed the assessee's appeal, ruling that no addition could be made when the difference between the stamp duty value and actual consideration is below the prescribed threshold.
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