https://www.taxtmi.com/caselaws?id=757263 ITAT Nagpur held that no addition under section 56(2)(x) can be made for difference between fair market value and sale consideration when property is purchased through bank auction. Following Southern Steel Ltd precedent, the tribunal ruled that auction being a statutory process eliminates scope for understatement of consideration or fair market value substitution. The AO's addition was unjustified and CIT(A)'s confirmation was set aside, allowing the assessee's appeal. en-us Wed, 14 Aug 2024 00:00:00 +0530 Wed, 21 Aug 2024 08:57:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757263 ITAT Nagpur held that no addition under section 56(2)(x) can be made for difference between fair market value and sale consideration when property is purchased through bank auction. Following Southern Steel Ltd precedent, the tribunal ruled that auction being a statutory process eliminates scope for understatement of consideration or fair market value substitution. The AO's addition was unjustified and CIT(A)'s confirmation was set aside, allowing the assessee's appeal. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757263