https://www.taxtmi.com/caselaws?id=448604 ITAT Kolkata set aside the addition under Section 56(2)(x) regarding stamp duty valuation of property. The assessee purchased immovable property for Rs. 32,93,730 through account payee cheques in instalments. The AO failed to consider the stamp duty valuation on the booking date (11.05.2015) as required by the provision. The matter was remanded to AO with directions to determine stamp duty valuation as on 11.05.2015, obtain DVO report for fair market value, adopt the lower of the two values, and consider any positive difference above the purchase consideration as deemed gift. en-us Mon, 22 Jan 2024 00:00:00 +0530 Wed, 24 Jan 2024 07:56:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448604 ITAT Kolkata set aside the addition under Section 56(2)(x) regarding stamp duty valuation of property. The assessee purchased immovable property for Rs. 32,93,730 through account payee cheques in instalments. The AO failed to consider the stamp duty valuation on the booking date (11.05.2015) as required by the provision. The matter was remanded to AO with directions to determine stamp duty valuation as on 11.05.2015, obtain DVO report for fair market value, adopt the lower of the two values, and consider any positive difference above the purchase consideration as deemed gift. Case-Laws Income Tax Mon, 22 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448604