https://www.taxtmi.com/caselaws?id=449837 ITAT Mumbai held that under Section 56(2)(vii)(b), when an individual receives immovable property for consideration less than stamp duty valuation by over Rs.50,000, the excess is taxable as income from other sources. The assessee purchased 1/5th share in property along with four others. The tribunal ruled that addition should be restricted to 1/5th of the difference between agreed consideration and DVO valuation, proportionate to assessee's share. Ground challenging agricultural land valuation was dismissed as not pressed. Appeal was partly allowed with addition limited to assessee's proportionate share. en-us Mon, 19 Feb 2024 00:00:00 +0530 Wed, 21 Feb 2024 07:12:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449837 ITAT Mumbai held that under Section 56(2)(vii)(b), when an individual receives immovable property for consideration less than stamp duty valuation by over Rs.50,000, the excess is taxable as income from other sources. The assessee purchased 1/5th share in property along with four others. The tribunal ruled that addition should be restricted to 1/5th of the difference between agreed consideration and DVO valuation, proportionate to assessee's share. Ground challenging agricultural land valuation was dismissed as not pressed. Appeal was partly allowed with addition limited to assessee's proportionate share. Case-Laws Income Tax Mon, 19 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449837