https://www.taxtmi.com/caselaws?id=754912 ITAT Raipur held that the AO exceeded jurisdiction in limited scrutiny assessment by making addition u/s 56(2)(vii)(b) for difference between Fair Market Value and actual consideration of property purchase. The case was selected for limited scrutiny only for cash deposits and property transfers, not for FMV-consideration differences. The AO cannot traverse beyond specified reasons without converting to complete scrutiny with Pr. Commissioner approval. Addition was deleted as it fell outside the limited scrutiny scope, allowing assessee's appeal. en-us Fri, 28 Jun 2024 00:00:00 +0530 Wed, 03 Jul 2024 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754912 ITAT Raipur held that the AO exceeded jurisdiction in limited scrutiny assessment by making addition u/s 56(2)(vii)(b) for difference between Fair Market Value and actual consideration of property purchase. The case was selected for limited scrutiny only for cash deposits and property transfers, not for FMV-consideration differences. The AO cannot traverse beyond specified reasons without converting to complete scrutiny with Pr. Commissioner approval. Addition was deleted as it fell outside the limited scrutiny scope, allowing assessee's appeal. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754912