https://www.taxtmi.com/caselaws?id=774037 ITAT Mumbai allowed assessee's appeal regarding addition under Section 56(2)(x) for difference between stamp duty value and declared fair market value of land. The department's own Valuation Officer had valued the same property at Rs. 22,88,790 in 2013, which indexed to purchase year would be Rs. 42,30,500, significantly below the actual sale consideration of Rs. 75,00,000. Since AO failed to refer the matter to DVO despite assessee's challenge to stamp duty valuation and considering the departmental valuation was reasonable, the addition of Rs. 6,16,82,500 was deleted. en-us Thu, 22 May 2025 00:00:00 +0530 Wed, 02 Jul 2025 08:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774037 ITAT Mumbai allowed assessee's appeal regarding addition under Section 56(2)(x) for difference between stamp duty value and declared fair market value of land. The department's own Valuation Officer had valued the same property at Rs. 22,88,790 in 2013, which indexed to purchase year would be Rs. 42,30,500, significantly below the actual sale consideration of Rs. 75,00,000. Since AO failed to refer the matter to DVO despite assessee's challenge to stamp duty valuation and considering the departmental valuation was reasonable, the addition of Rs. 6,16,82,500 was deleted. Case-Laws Income Tax Thu, 22 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774037