Aero Pack Products Private Limited Vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Aero Pack Products Private Limited, purchased leasehold rights in an industrial property at Panvel for ₹2,82,72,000/-. The Stamp Valuation Authority valued the property at ₹3,35,23,942/-. The Centralised Processing Centre (CPC) adjusted ₹52,52,000/- under section 56(2)(x) of the Income-tax Act, 1961. The first appellate authority directed the Assessing Officer to refer the matter to the Departmental Valuation Officer (DVO), who determined the fair market value at ₹2,99,03,000/-. Despite this, the appellate order confirmed the adjustment based on the stamp duty value, ignoring the DVO’s report.…

Legal Issues

• 1. Whether the adjustment of ₹52,52,000/- made under section 56(2)(x) is sustainable.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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