Ram Mangli Jassi v. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Ram Mangli Jassi, purchased an immovable property jointly with her husband Shri Navtej Jassi for Rs. 42,00,000/- in the assessment year 2017-18. The property was financed through a loan of Rs. 40,00,000/- from Can Fin Homes Ltd. The Assessing Officer (AO) proposed an addition of Rs. 9,69,104/- based on the difference between the purchase price and the circle rate of Rs. 51,69,104/-. The assessee argued that the actual market rate of the property was below the circle rate and that the addition should be made only to the extent of her share in the property. The respondent defended the AO's decision, stating that the assessee did not request a valuation report from the Valuation Officer.…

Legal Issues

• 1. Whether the addition of Rs. 9,69,104/- made by the Assessing Officer under section 56(2)(vii)(b) of the Income Tax Act, 1961 is justified?

Judgment Outcome

Decided in favour of Assessee.

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