https://www.taxtmi.com/caselaws?id=442356 The Tribunal allowed the appeal of the assessee, directing the deletion of the addition made by the Assessing Officer under section 56(2)(vii)(b) of the Income Tax Act, 1961, amounting to Rs. 21,84,330. The Tribunal held that the Assessing Officer should have referred the matter to the Valuation Officer as per legal provisions, emphasizing the duty to act fairly and follow proper procedures when objections are raised. As the AO failed to do so, the addition was deemed unsustainable in law, resulting in its deletion. en-us Fri, 31 Mar 2023 00:00:00 +0530 Wed, 30 Aug 2023 07:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442356 The Tribunal allowed the appeal of the assessee, directing the deletion of the addition made by the Assessing Officer under section 56(2)(vii)(b) of the Income Tax Act, 1961, amounting to Rs. 21,84,330. The Tribunal held that the Assessing Officer should have referred the matter to the Valuation Officer as per legal provisions, emphasizing the duty to act fairly and follow proper procedures when objections are raised. As the AO failed to do so, the addition was deemed unsustainable in law, resulting in its deletion. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442356