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Difference Between Stamp Duty Value and Purchase Consideration on Flat Within 10% Tolerance Limit u/s 56(2)(x): ITAT Deletes Rs. 3.31 Cr Income Tax Addition [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal (ITAT) deleted a 3.31 crore addition on the ground that the difference between the stamp duty and...

Difference Between Stamp Duty Value and Purchase Consideration on Flat Within 10% Tolerance Limit u/s 56(2)(x): ITAT Deletes Rs. 3.31 Cr Income Tax Addition [Read Order]
ITAT upheld the deletion of Rs. 3.31 crore addition on account of the difference between the stamp duty value and the actual purchase consideration of the Flat. The DVO’s valuation of Rs. 8.73 crore was within the statutory 10% tolerance limit under Section 56(2)(x) of the IT Act.