2025 (12) TMI 1423

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....from the order of the Learned Income-tax Officer, Ward 22(1)(6), Mumbai (in short, 'Ld.AO') passed under section 143(3) of the Act and date of order 10/12/2019. 2. The brief facts of the case are that the assessee filed his return of income, which was processed under section 143(1) of the Act. The case was subsequently selected for limited scrutiny through CASS. During the assessment proceedings, it was noticed that the assessee had purchased a property for Rs. 1,10,00,000/-, whereas the stamp duty valuation of the same property, as on 30/03/2017, was Rs. 1,69,87,000/-. The Ld. AO, therefore, added the differential amount of Rs. 59,87,000/-, being the difference between the stated consideration and the value adopted by the stamp valuatio....

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....ppellate proceedings, the Ld. CIT(A) observed that the assessee had not furnished any documentary evidence in support of his claim. The Ld. AR, however, drew our attention to APB pages 80 to 156, demonstrating that all such documents were, in fact, submitted before the Ld. CIT(A). Despite the availability of these documents, the Ld. CIT(A) failed to consider or verify them and proceeded to uphold the addition. 5. The Ld. DR argued and relied on the order of the revenue authorities. 6. We have heard the rival submissions and examined the documents available on record. A plain reading of the proviso to Section 56(2)(vii)(b) of the Act reveals the following: "56(2)(vii) .............................. (b) Any immovable p....