https://www.taxtmi.com/caselaws?id=759646 Addition under section 56(2)(x) for purchase of immovable property was found unsustainable where the Departmental Valuation Officer's figure was broadly aligned with the declared consideration and the difference was within the applicable tolerance range. The assessee had recorded the investment at the purchase price plus stamp duty and registration charges, while the Assessing Officer relied on the stamp valuation authority's value to make an addition for alleged inadequate consideration. Because the valuation material placed on record showed only a minor variation, there was no basis to treat the transaction as giving rise to taxable income under section 56(2)(x), and the addition was deleted. en-us Wed, 25 Sep 2024 00:00:00 +0530 Sat, 05 Oct 2024 08:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759646 Addition under section 56(2)(x) for purchase of immovable property was found unsustainable where the Departmental Valuation Officer's figure was broadly aligned with the declared consideration and the difference was within the applicable tolerance range. The assessee had recorded the investment at the purchase price plus stamp duty and registration charges, while the Assessing Officer relied on the stamp valuation authority's value to make an addition for alleged inadequate consideration. Because the valuation material placed on record showed only a minor variation, there was no basis to treat the transaction as giving rise to taxable income under section 56(2)(x), and the addition was deleted. Case-Laws Income Tax Wed, 25 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759646