PRACHI PRAKASH GAVKAR,MUMBAI vs. INCOME TAX OFFICER, WARD 16(1)(3), MUMBAI

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ITA 4072/MUM/2026Status: DisposedITAT Mumbai02 September 2026AY 2018-1912 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal and decided to hear the matter on merits. The core issue revolves around whether Section 56(2)(x) applies to a transaction concluded in 2012, with registration in 2017, and the validity of the valuation adopted by the AO.

What were the facts?

The assessee purchased a residential flat and paid the entire consideration in 2012. However, the sale deed was registered in 2017 due to MHADA restrictions. The AO made an addition under Section 56(2)(x) based on the stamp duty value at the time of registration, treating it as the date of receipt.

What were the issues?

The primary issues are the applicability of Section 56(2)(x) to a transaction concluded prior to its insertion and the correctness of the fair market value determination when the DVO's report for the relevant date was not obtained.

Which sections of the Income-tax Act were involved?

Section 56(2)(x),Section 143(3),Section 155(15),Section 50C(2),Section 270A

AI-generated summary — verify with the full judgment below

Before: SHRI SANDEEP GOSAIN & SHRI PRABHASH SHANKAR

For Appellant: Shri Bharat Vaviya, AR
For Respondent: Ms. Kanika Naroola, Sr.DR
Hearing: 02.07.2026Pronounced: 02.09.2026

आदेश की प्रतितलति अग्रेतिि/Copy of the Order forwarded to : 1. अपीलार्थी / The Appellant 2. प्रत्यर्थी / The Respondent. 3. आयकर आयुक्त / CIT

P a g e | 12 ITA No. 4072/Mum/2026 A.Y. 2018-19 Prachi Prakash Gavkar 4. विभागीय प्रविविवि, आयकर अपीलीय अविकरण DR, ITAT, Mumbai 5. गार्ड फाईल / Guard file. सत्यावपि प्रवि //True Copy// आदेशानुसार/ BY ORDER,

उि/सहायक िंजीकार (Dy./Asstt. Registrar) आयकर अिीलीय अतधकरण/ ITAT, Bench, Mumbai.

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