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The ITAT reversed the AO's addition under Section 56(2)(x)(b), holding that the assessee's consideration for the transfer of immovable property, evidenced by an agreement and adjustment entries in the partnership's books, was valid and supported by capital introduced through proper banking channels. The AO was directed to adopt the stamp duty value as of the Declaration Deed date for any determination under Section 56(2)(x)(b). Additionally, the Tribunal found no justification for addition under Section 50C since the difference between the stamp duty value and sale consideration was less than 10%, thereby disallowing the AO's addition of long-term capital gains. Consequently, all impugned additions were deleted, and the appeal was allowed in favor of the assessee.
The ITAT reversed the AO's addition under Section 56(2)(x)(b), holding that the assessee's consideration for the transfer of immovable property, evidenced by an agreement and adjustment entries in the partnership's books, was valid and supported by capital introduced through proper banking channels. The AO was directed to adopt the stamp duty value as of the Declaration Deed date for any determination under Section 56(2)(x)(b). Additionally, the Tribunal found no justification for addition under Section 50C since the difference between the stamp duty value and sale consideration was less than 10%, thereby disallowing the AO's addition of long-term capital gains. Consequently, all impugned additions were deleted, and the appeal was allowed in favor of the assessee.
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