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Sale consideration from bank auction at fair market value, no addition for undervalued property.

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....Section 56(2)(x) addition - difference between fair market value and sale consideration not applicable when property purchased through bank auction, being a statutory process without scope for understatement of consideration. Tribunal's view upheld that Assessing Officer erred in making such addition, set aside Commissioner's order in assessee's favor.....

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Sale consideration from bank auction at fair market value, no addition for undervalued property.