Rashmi Seventilal Vakharia vs. Income Tax Officer
Case No: ITA No. 3801/Mum/2025
Court: Income Tax Appellate Tribunal, Mumbai “D” Bench
Date: 1/28/2026
Parties Involved
appellantRashmi Seventilal Vakharia
respondentIncome Tax Officer, Ward-41(3)(3), Mumbai
Facts Summary
The assessment in this case was completed under sections 143(3), 143(3A), and 143(3B) of the Income Tax Act, 1961, by the Assessing Officer (AO) on 13-04-2021. The AO brought to tax an amount of Rs. 3,17,30,016/- as the difference between the stamp duty value and the purchase consideration, invoking section 56(2)(x) of the Act. The assessee, Rashmi Seventilal Vakharia, appealed this order to the Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre (NFAC), Delhi, who confirmed the…
Decision in favour of
Assessee
Legal Issues
- 1. Erroneous application of section 56(2)(x) of the Income Tax Act by the Assessing Officer without reference to the Designated Valuation Officer (DVO).
Precedents Relied Upon
2 precedents cited in this judgement.