https://www.taxtmi.com/caselaws?id=291156 The Tribunal quashed the Principal Commissioner of Income-tax-5, Chennai's order under section 263 of the Income Tax Act, 1961, in a case concerning a property valuation discrepancy for stamp duty purposes. The Tribunal held that the revised guideline value by the Government of Tamil Nadu favored the assessee, making the PCIT's addition of the differential amount unsustainable under section 56(2)(vii) of the Act. Consequently, the assessee's appeal was allowed, emphasizing the importance of considering the actual consideration paid and the revised valuation in such cases. en-us Thu, 05 Sep 2019 00:00:00 +0530 Fri, 30 Oct 2020 10:07:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291156 The Tribunal quashed the Principal Commissioner of Income-tax-5, Chennai's order under section 263 of the Income Tax Act, 1961, in a case concerning a property valuation discrepancy for stamp duty purposes. The Tribunal held that the revised guideline value by the Government of Tamil Nadu favored the assessee, making the PCIT's addition of the differential amount unsustainable under section 56(2)(vii) of the Act. Consequently, the assessee's appeal was allowed, emphasizing the importance of considering the actual consideration paid and the revised valuation in such cases. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291156