Case Law Analysis
|Income Tax Appellate Tribunal
Section 56(2)(x) IT Act | AO Must Refer Stamp Duty Discrepancy to DVO Before Imposing Addition : ITAT Kolkata
The ITAT Kolkata has ruled that income tax authorities cannot unilaterally add the difference between stamp duty valuation and purchase price under Section 56(2)(x) without first referring the matter to the District Valuation Officer. This reinforces procedural fairness in property-based income assessments and protects taxpayers from arbitrary valuations by revenue officials.