https://www.taxtmi.com/caselaws?id=462919 The ITAT Lucknow held that additions under section 56(2)(vii)(b) are unsustainable where the AO failed to refer the matter to the Valuation Officer as mandated by section 50C(2) and the proviso to section 56(2)(vii)(b) when the assessee claimed the stamp valuation exceeded the fair market value. Following precedent, the tribunal rejected the Department's request to remit the matter for valuation reference. Consequently, the additions made without such reference were deleted and the assessee's appeal was allowed. en-us Thu, 10 Oct 2024 00:00:00 +0530 Thu, 24 Jul 2025 18:56:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462919 The ITAT Lucknow held that additions under section 56(2)(vii)(b) are unsustainable where the AO failed to refer the matter to the Valuation Officer as mandated by section 50C(2) and the proviso to section 56(2)(vii)(b) when the assessee claimed the stamp valuation exceeded the fair market value. Following precedent, the tribunal rejected the Department's request to remit the matter for valuation reference. Consequently, the additions made without such reference were deleted and the assessee's appeal was allowed. Case-Laws Income Tax Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462919