MANEKCHAND DEVICHAND BAFNA HUF,MUMBAI vs. NFAC/ ITO, WARD-19(2)(2), MUMBAI
Income Tax Appellate Tribunal, Mumbai “K (SMC
Before: Shri Narender Kumar Choudhry (JM) & Shri Prabhash Shankar (AM) Manekchand Devichand Bafna HUF 2/22, Racha Building No. 2 Steater Road, Tardeo Mumbai-400 007. Vs. ITO-19(2)(2) Piramal Chamber Lalbaugh, Parel Mumbai-400 012. PAN : AAEHM0193G
Per Narender Kumar Choudhry (JM) :-
This appeal has been preferred by the assessee against the order dated 19.12.2023 impugned herein passed by the Learned
Commissioner of Income Tax/NFAC, Delhi (in short Ld. Commissioner) under section 250 of the Income Tax Act, 1961 (in short ‘Act’) for A.Y.
2018-19. Manekchand Devichand Bafna HUF
In the instant case, admittedly the differential amount between the stamp duty valuation of the property to the tune of Rs. 1,15,91,000/- and the sale consideration shown by the Assessee at Rs. 1,12,00,000/- is of Rs. 3,91,000/- only, which is admittedly not more than 10% the tolerance limit, as introduced in section 56(2)(x)(b)(ii) of the Act. Hence, the addition of Rs. 3,91,000/- made under section 56(2)(x) of the Act by Assessing Officer and affirmed by Ld. Commissioner, is unsustainable and therefore the same is deleted. 3. In the result, assessee’s appeal is allowed.
Order pronounced in the open Court on 16/12/2025. ss (Prabhash Shankar) (Narender Kumar Choudhry)
ACCOUNTANT MEMBER
JUDICIAL MEMBER
Copy of the Order forwarded to :
The Appellant 2. The Respondent. 3. CIT 4. DR, ITAT, Mumbai 5. Guard file.
BY ORDER,
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(Asstt.