Dismissing the appeal of the revenue the Tribunal held that Difference in valuation in fair market value of property and value adopted by the AO is less than 1%. (AY. 2013-14)
DCIT v. Jain Housing (2019) 178 ITD 814 (Chennai)(Trib.)
S. 56 : Income from other sources–Gift- Difference in valuation in fair market value of property and value adopted by the AO is less than 1%-deletion of addition is held to be justified. [S. 56(2)(viia)]