https://www.taxtmi.com/caselaws?id=764746 The Tribunal allowed the appeal in favor of the assessee, setting aside the addition of Rs. 21,42,857/- under Section 56(2)(vii)(b) of the Income-tax Act, 1961. It found that the Assessing Officer erred by not referring the valuation dispute to the Departmental Valuation Officer (DVO) as required when the valuation was contested. The Tribunal also condoned the 139-day delay in filing the appeal, accepting the reasons provided by the assessee. The case was remanded for a proper valuation by the DVO to ensure a fair assessment. en-us Wed, 15 Jan 2025 00:00:00 +0530 Thu, 16 Jan 2025 21:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764746 The Tribunal allowed the appeal in favor of the assessee, setting aside the addition of Rs. 21,42,857/- under Section 56(2)(vii)(b) of the Income-tax Act, 1961. It found that the Assessing Officer erred by not referring the valuation dispute to the Departmental Valuation Officer (DVO) as required when the valuation was contested. The Tribunal also condoned the 139-day delay in filing the appeal, accepting the reasons provided by the assessee. The case was remanded for a proper valuation by the DVO to ensure a fair assessment. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764746