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Section 153C4

GHANSHYAMBHAI KANJIBHAI GANGADIA,SURAT vs. ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, SURAT

In the result, Ground No. 3 of the assessee’s appeal is allowed for statistical purposes

ITA 210/SRT/2024[2018-19]Status: DisposedITAT Surat08 Apr 2025AY 2018-19

Bench: Shri Siddhartha Nautiyal & Shri Bijayananda Prusethi.T(Ss).A. No. 08/Srt/2024 (Assessment Year: 2016-17) Ghanshyambhai Kanjibhai Vs. Assistant Commissioner Of Gangadia-Individual, Income Tax, Bungalow No.11, Kantareshvar Central Circle-3, Society, Nr. Balashram, Surat Katargam, Surat-395004 [Pan No.Aawpg3371J] (Appellant) .. (Respondent)

For Appellant: Shri Rasesh Shah, C.AFor Respondent: Shri Ravi Kant Gupta, CIT DR

Section 132Section 153CSection 271(1)(c)Section 56Section 56(2)(vii)Section 56(2)(viib)

Section 56 (2)(viib) of the Act. The relevant extracts of the assessment order is reproduced below for ready reference: “5.3 In view of the above, by invoking provisions of sec. 56(2)(viib) of the Act the difference in the market value and the documentation value of the properties purchased by the assessee as tabled above to the tune