Summary
- The Income Tax Appellate Tribunal, Indore, has ordered a valuation dispute in the case of Jaykishan Parchani Vs ITO to be referred to the Departmental Valuation Officer.
- The case involves a ā¹1,19,900 addition due to a discrepancy between the actual purchase price and stamp duty valuation of a property purchased in 2014.
- The Tribunal noted that while the assessee did not object to the valuation initially, the issue was raised before the CIT(A), warranting further examination.
- This ruling could significantly impact how similar cases are handled regarding property valuations and deemed income under Section 56(2)(vii)(b) of the Income-tax Act, 1961.
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