The ITAT held that the addition under section 56(2)(x)(b) for...

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.