ITAT invalidates Addition u/s 56(2)(vii) and deletes Deemed Gift due to Incorrect Valuation Date [Read Order]

The tribunal found that the authorities had failed to consider the appropriate date for determining the fair market value of the property, leading to an unjustified addition
By Sneha Sukumaran Mullakkal - On October 15, 2024 11:26 am - 2 mins read
ITAT - ITAT Kolkata - Deemed Gift - Incorrect Valuation Date - Section 56(2)(vii) of Income Tax Act - Income tax - taxscan

The Kolkata Bench ofIncome Tax Appellate Tribunal ( ITAT ) invalidated the addition made under Section 56(2)(vii) of the Income Tax Act,1961 and deleted the deemed gift classification due to the incorrect valuation date Partha Pratim Chakrabarty,the appellant-assessee,filed his return of income on November 13, 2020, declaring total income of Rs. 34,44,260. His case was…

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