https://www.taxtmi.com/caselaws?id=472415 Valuation for an addition arising from the difference between purchase consideration and property value under Section 56(2)(vii)(b) must reflect material adverse features affecting the land. High-voltage transmission lines and electricity towers rendered substantial portions unusable, while lack of direct highway access and monsoon-season approach further reduced value. Comparable sale instances must be shown to be adjoining or otherwise sufficiently comparable. A uniform valuation of Rs. 510 per square metre was excessive in these circumstances. Both land parcels should be valued uniformly at Rs. 450 per square metre, with the addition recomputed accordingly. en-us Thu, 13 Jun 2024 00:00:00 +0530 Mon, 12 Oct 2026 11:40:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472415 Valuation for an addition arising from the difference between purchase consideration and property value under Section 56(2)(vii)(b) must reflect material adverse features affecting the land. High-voltage transmission lines and electricity towers rendered substantial portions unusable, while lack of direct highway access and monsoon-season approach further reduced value. Comparable sale instances must be shown to be adjoining or otherwise sufficiently comparable. A uniform valuation of Rs. 510 per square metre was excessive in these circumstances. Both land parcels should be valued uniformly at Rs. 450 per square metre, with the addition recomputed accordingly. Case-Laws Income Tax Thu, 13 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472415