Taxpayer Contest Over Flat Purchase Below Market Value Deemed Negligible Under Income Tax Act Section 56(2)(vii)(b)(ii.

Addition made u/s. 56(2)(vii)(b)(ii) - Purchase of flat below Fair Market value - adequate consideration - the difference between sale consideration shown by the assessee at ₹ 90 lacs and fair market value estimated by the DVO at ₹ 98,40,000/- which was less than 10% and hence, the same is liable to be ignored. .....

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