https://www.taxtmi.com/caselaws?id=756782 ITAT Mumbai ruled in favor of the appellant regarding addition under Section 56(2)(x) for difference between purchase value and District Valuation Officer's valuation. The tribunal held that a 10% tolerance limit applies when comparing declared consideration with stamp duty authority valuation. Since the variation was 9.14%, falling within the 10% tolerance band, no addition was warranted. The tribunal followed precedent from Joseph Mudaliar case and deleted the addition made by Assessing Officer and confirmed by CIT(A) for Assessment Year 2018-19. en-us Tue, 30 Jan 2024 00:00:00 +0530 Fri, 09 Aug 2024 08:55:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756782 ITAT Mumbai ruled in favor of the appellant regarding addition under Section 56(2)(x) for difference between purchase value and District Valuation Officer's valuation. The tribunal held that a 10% tolerance limit applies when comparing declared consideration with stamp duty authority valuation. Since the variation was 9.14%, falling within the 10% tolerance band, no addition was warranted. The tribunal followed precedent from Joseph Mudaliar case and deleted the addition made by Assessing Officer and confirmed by CIT(A) for Assessment Year 2018-19. Case-Laws Income Tax Tue, 30 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756782