https://www.taxtmi.com/caselaws?id=291985 When an assessee disputes the stamp duty value of immovable property under section 56(2)(vii), the Assessing Officer must first follow the statutory mechanism of reference to the Valuation Officer before treating the difference as income. Direct adoption of the stamp duty or circle rate value, without corroborative material showing extra consideration, is not sufficient. The deeming provision operates strictly, and failure to comply with the prescribed valuation procedure makes the addition unsustainable; the addition was deleted. en-us Fri, 31 May 2019 00:00:00 +0530 Thu, 03 Dec 2020 10:49:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291985 When an assessee disputes the stamp duty value of immovable property under section 56(2)(vii), the Assessing Officer must first follow the statutory mechanism of reference to the Valuation Officer before treating the difference as income. Direct adoption of the stamp duty or circle rate value, without corroborative material showing extra consideration, is not sufficient. The deeming provision operates strictly, and failure to comply with the prescribed valuation procedure makes the addition unsustainable; the addition was deleted. Case-Laws Income Tax Fri, 31 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291985