https://www.taxtmi.com/caselaws?id=441654 The Income Tax Appellate Tribunal (ITAT) allowed the appeal, deleting the addition of Rs. 55,91,837 as unexplained income under section 56(2)(vii)(b) of the Income Tax Act, 1961. ITAT held that the valuation by the Departmental Valuation Officer (DVO) lacked a basis, and most comparable instances supported the assessee's purchase price. The ITAT emphasized the approximate nature of valuation and upheld the assessee's right to contest it. The appeal was allowed, and the addition was deleted. en-us Wed, 09 Aug 2023 00:00:00 +0530 Fri, 11 Aug 2023 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441654 The Income Tax Appellate Tribunal (ITAT) allowed the appeal, deleting the addition of Rs. 55,91,837 as unexplained income under section 56(2)(vii)(b) of the Income Tax Act, 1961. ITAT held that the valuation by the Departmental Valuation Officer (DVO) lacked a basis, and most comparable instances supported the assessee's purchase price. The ITAT emphasized the approximate nature of valuation and upheld the assessee's right to contest it. The appeal was allowed, and the addition was deleted. Case-Laws Income Tax Wed, 09 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441654