https://www.taxtmi.com/caselaws?id=759879 The ITAT Surat reduced the fair market value determination under section 56(2)(x) from Rs. 155 per square meter to Rs. 150 per square meter for computing addition on excess fair market value over purchase consideration. The DVO's comparable instances from the same village showed significant variation (Rs. 126.16 to Rs. 220.04 per square meter), with an average of Rs. 163.36 per square meter. Considering these differences, the tribunal determined Rs. 150 per square meter as reasonable for justice, directing the AO to recompute the addition accordingly. The appeal was partly allowed. en-us Mon, 07 Oct 2024 00:00:00 +0530 Thu, 10 Oct 2024 08:27:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759879 The ITAT Surat reduced the fair market value determination under section 56(2)(x) from Rs. 155 per square meter to Rs. 150 per square meter for computing addition on excess fair market value over purchase consideration. The DVO's comparable instances from the same village showed significant variation (Rs. 126.16 to Rs. 220.04 per square meter), with an average of Rs. 163.36 per square meter. Considering these differences, the tribunal determined Rs. 150 per square meter as reasonable for justice, directing the AO to recompute the addition accordingly. The appeal was partly allowed. Case-Laws Income Tax Mon, 07 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759879