https://www.taxtmi.com/caselaws?id=752743 The ITAT Surat upheld the AO's assessment order in a limited scrutiny case involving property transactions. The AO properly examined two issues: discrepancy between sale consideration reported in ITR versus AIR, and large property investment compared to total income. The tribunal allowed the assessee's claim for additional work expenses on property, deleting the disallowance after finding sufficient evidence of expenditure. However, the addition under section 56(2) was sustained as the assessee failed to provide adequate evidence regarding fair market value despite the matter being referred to DVO for valuation. en-us Wed, 15 May 2024 00:00:00 +0530 Fri, 17 May 2024 09:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752743 The ITAT Surat upheld the AO's assessment order in a limited scrutiny case involving property transactions. The AO properly examined two issues: discrepancy between sale consideration reported in ITR versus AIR, and large property investment compared to total income. The tribunal allowed the assessee's claim for additional work expenses on property, deleting the disallowance after finding sufficient evidence of expenditure. However, the addition under section 56(2) was sustained as the assessee failed to provide adequate evidence regarding fair market value despite the matter being referred to DVO for valuation. Case-Laws Income Tax Wed, 15 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752743