https://www.taxtmi.com/caselaws?id=758023 ITAT Ahmedabad allowed assessee's appeal against addition under section 56(2)(x) for difference between stamp duty value and purchase consideration of immovable property. Assessee held 47.5% share and purchased agricultural land but stamp duty valuation treated it as non-agricultural residential land. ITAT held that since assessee disputed stamp duty valuation, AO should have referred matter to DVO under section 50C(2). DVO found fair market value at Rs.2.23 crores against stamp duty value of Rs.3.32 crores, with only Rs.20 lakhs difference from purchase consideration of Rs.2.01 crores (approximately 10%), which was not material. Addition deleted. en-us Fri, 28 Jun 2024 00:00:00 +0530 Fri, 06 Sep 2024 08:20:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758023 ITAT Ahmedabad allowed assessee's appeal against addition under section 56(2)(x) for difference between stamp duty value and purchase consideration of immovable property. Assessee held 47.5% share and purchased agricultural land but stamp duty valuation treated it as non-agricultural residential land. ITAT held that since assessee disputed stamp duty valuation, AO should have referred matter to DVO under section 50C(2). DVO found fair market value at Rs.2.23 crores against stamp duty value of Rs.3.32 crores, with only Rs.20 lakhs difference from purchase consideration of Rs.2.01 crores (approximately 10%), which was not material. Addition deleted. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758023