https://www.taxtmi.com/caselaws?id=756824 The ITAT Kolkata ruled in favor of the assessee regarding addition under section 56(2)(vii)(b) based on property valuation differences. The tribunal found that additions cannot be made solely on DVO valuation reports. Both the DVO and independent valuer properly considered the land-locked nature of the property during valuation. The revenue failed to provide contrary judgments or strong arguments against the assessee's submissions. The tribunal accepted the independent valuer's assessment over the DVO's valuation, quashed the CIT(A)'s addition, confirmed the market value, and partly allowed the assessee's appeal. en-us Tue, 30 Jan 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:04:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756824 The ITAT Kolkata ruled in favor of the assessee regarding addition under section 56(2)(vii)(b) based on property valuation differences. The tribunal found that additions cannot be made solely on DVO valuation reports. Both the DVO and independent valuer properly considered the land-locked nature of the property during valuation. The revenue failed to provide contrary judgments or strong arguments against the assessee's submissions. The tribunal accepted the independent valuer's assessment over the DVO's valuation, quashed the CIT(A)'s addition, confirmed the market value, and partly allowed the assessee's appeal. Case-Laws Income Tax Tue, 30 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756824