Sudish Singh vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee's case was selected for limited scrutiny under the e-assessment scheme 2019, focusing on investments in immovable properties. The assessee filed an income return declaring a total income of ₹13,67,450/-. The Assessing Officer issued a notice under sections 143(2) and 142(1) of the Act along with a questionnaire. The AO noted that the assessee had purchased four properties during the year, as per the data available with the system. The assessee was asked to provide reasons for the difference between the purchase consideration and the stamp duty value. The assessee submitted that property no.1 should be referred to the DVO for valuation, while the other three properties were never purchased by him. The AO added the difference between the purchase consideration and the stamp duty valuation amounting to ₹86,42,655/- under section 56(2)(x) of the Act. The appellate authority affirmed the order of the AO.…

Legal Issues

• 1. The addition of ₹86,42,658/- made by the AO under section 56(2)(x) of the Act in respect of 4 properties, ignoring the fact that the assessee has purchased only one property.

Judgment Outcome

Decided in favour of Assessee.

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