Assessee purchased a flat for a total consideration of Rs. 40 lakhs\u00a0 Assessing Officer held\u00a0 that stamp duty valuation of flat was Rs. 2.20 crores, but assessee had shown to have purchased it only for Rs. 40 lakhs.\u00a0 During assessment proceedings assessee filed valuation report of a government registered valuer, who valued flat at Rs. 82.60 lakhs disputing valuation made by Stamp Valuation Authority .\u00a0 However, Assessing Officer did not refer matter of valuation to District Valuation Officer and made addition of Rs. 1.80 crores under section 56(2)(vii) in hands of assessee . Addition was confirmed by Commissioner (Appeals).\u00a0 On appeal the Tribunal held that\u00a0 the Assessing Officer mechanically applied provisions of section 56(2) to difference between stamp duty value and actual sale consideration paid by assessee without making any efforts to find out actual cost of property when in fact assessee stated that property when purchased was under semi-construction stage and there were disputes between builders and purchasers and ultimately builder had abandoned project and left . Further, assessee also stated that there was dispute in area acquired by assessee. Accordingly the addition was\u00a0 deleted . (AY. 2014 -15 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 56 : Income from other sources \u2013Purchase of flat \u2013 Gift – Stamp valuation and actual consideration \u2013 Addition was set a side [ S.56 (2) (vii) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-19267","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-50L","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=19267"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19267\/revisions"}],"predecessor-version":[{"id":19268,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19267\/revisions\/19268"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}