https://www.taxtmi.com/caselaws?id=775850 The ITAT Mumbai held that the assessee's consideration for the transfer of immovable property, evidenced by a valid agreement and adjustment entries in the partnership firm's books, could not be disregarded. The AO was directed to adopt the stamp duty value as on the date of the Declaration Deed for determining income under Section 56(2)(x)(b), deleting the addition made by the AO. Regarding long-term capital gains under Section 50C, the tribunal found the difference between stamp duty value and consideration was less than 10%, negating the need for any addition. Consequently, the CIT(A)'s order was overturned, and all additions were deleted, allowing the assessee's grounds. en-us Thu, 10 Jul 2025 00:00:00 +0530 Thu, 31 Jul 2025 10:51:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775850 The ITAT Mumbai held that the assessee's consideration for the transfer of immovable property, evidenced by a valid agreement and adjustment entries in the partnership firm's books, could not be disregarded. The AO was directed to adopt the stamp duty value as on the date of the Declaration Deed for determining income under Section 56(2)(x)(b), deleting the addition made by the AO. Regarding long-term capital gains under Section 50C, the tribunal found the difference between stamp duty value and consideration was less than 10%, negating the need for any addition. Consequently, the CIT(A)'s order was overturned, and all additions were deleted, allowing the assessee's grounds. Case-Laws Income Tax Thu, 10 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775850