https://www.taxtmi.com/caselaws?id=372782 The Tribunal partially accepted the assessee's appeal, stressing the requirement for a District Valuation Officer (DVO) reference to ascertain the Fair Market Value (FMV) of assets. The case involved the application of Section 56(2)(vii)(b)(ii) of the Income Tax Act, 1961, concerning transactions with consideration below FMV. The CIT(A) upheld the addition under the provision, emphasizing its applicability to both gifts and sales below stamp duty value. The Tribunal directed the Assessing Officer to refer the FMV determination to the DVO as mandated by law. en-us Fri, 05 Oct 2018 00:00:00 +0530 Fri, 28 Dec 2018 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372782 The Tribunal partially accepted the assessee's appeal, stressing the requirement for a District Valuation Officer (DVO) reference to ascertain the Fair Market Value (FMV) of assets. The case involved the application of Section 56(2)(vii)(b)(ii) of the Income Tax Act, 1961, concerning transactions with consideration below FMV. The CIT(A) upheld the addition under the provision, emphasizing its applicability to both gifts and sales below stamp duty value. The Tribunal directed the Assessing Officer to refer the FMV determination to the DVO as mandated by law. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372782