AO not justified in comparing market value of land for distress sale, which is less than that of the stamp duty value: ITAT deletes Addition [Read Order]

AO - market -value - land - distress- sale- stamp- duty -value-ITAT - Addition-TAXSCAN

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) observed there is no rebuttal to the contention of the assessee that the market value of the land was less than the stamp duty value, thereby directing to delete the impugned additions. During the assessment proceedings, the Assessing Officer noted that the assessee had allotted…

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