KATTA SATYA PRASAD,BHIMAVARAM vs. THE INCOME TAX OFFICER, WARD-1, KAKINADA, KAKINADA

ITA 632/VIZ/2026Status: DisposedITAT Visakhapatnam09 September 2026AY 2014-159 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the Assessing Officer should have referred the matter to the DVO for determining the fair market value of the property when the assessee raised objections. The addition made without such reference is not justified.

What were the facts?

The assessee purchased land for Rs. 46,46,400, but the stamp duty valuation was Rs. 1,62,63,000. The Assessing Officer added the difference of Rs. 1,16,16,600 under Section 56(2)(viib) of the Income Tax Act.

What were the issues?

Whether the Assessing Officer was justified in adding the difference between stamp duty value and purchase consideration without referring the matter to the DVO for fair market value determination, especially when the property was claimed to be agricultural land.

Which sections of the Income-tax Act were involved?

Section 56(2)(viib),Section 148,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI VIJAY PAL RAO & SHRI MANJUNATHA G

Pronounced: 09.09.2026

PER VIJAY PAL RAO, VICE PRESIDENT:

This appeal by the Assessee is directed against the Order dated 15.04.2026 of the learned CIT(A)-National Faceless Appeal Centre [in short "NFAC"], Delhi, for the assessment year 2014-2015. 2. The Assessee has raised the following grounds of appeal:

1.

“The order of learned Commissione

The order continues below.

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