https://www.taxtmi.com/caselaws?id=439302 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO under section 56(2)(vii)(b) of the Income Tax Act. It was determined that the correct stamp duty value of the property was Rs. 4,48,18,750/-, and the total payment made by the assessee, including the premium for land conversion, exceeded this value. Therefore, there was no undervaluation, and the addition of Rs. 1,48,61,957/- was deemed incorrect. The Revenue's appeal was dismissed, affirming the deletion of the addition. en-us Fri, 16 Jun 2023 00:00:00 +0530 Wed, 21 Jun 2023 09:12:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439302 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the AO under section 56(2)(vii)(b) of the Income Tax Act. It was determined that the correct stamp duty value of the property was Rs. 4,48,18,750/-, and the total payment made by the assessee, including the premium for land conversion, exceeded this value. Therefore, there was no undervaluation, and the addition of Rs. 1,48,61,957/- was deemed incorrect. The Revenue's appeal was dismissed, affirming the deletion of the addition. Case-Laws Income Tax Fri, 16 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439302