https://www.taxtmi.com/caselaws?id=757227 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, directing the deletion of the addition made under section 56(2)(x) of the Income-tax Act, 1961. The Tribunal determined that the tolerance limit under section 50C(2) should apply, as the difference between the Valuation Officer's assessment and the transaction value was less than 10%. The decision underscored the relevance of judicial precedents and statutory interpretation in tax assessments involving property transactions. en-us Fri, 16 Aug 2024 00:00:00 +0530 Tue, 20 Aug 2024 08:26:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757227 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee, directing the deletion of the addition made under section 56(2)(x) of the Income-tax Act, 1961. The Tribunal determined that the tolerance limit under section 50C(2) should apply, as the difference between the Valuation Officer's assessment and the transaction value was less than 10%. The decision underscored the relevance of judicial precedents and statutory interpretation in tax assessments involving property transactions. Case-Laws Income Tax Fri, 16 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757227