Assessment order received for addition of income u/s 56(2)

Khushbu (-) (74 Points)

17 November 2017  

Respected Sir,

           One of my client has received assessment order for A.Y.2015-16 for additiion of income for provision of 56(2) of the I.T.Act. Such addition made of difference of stamp duty valuation made by authority and purchase value as per purchase agreement.

           Client has used stame duty of Rs.5,98,000 and purchase consideration is Rs.1,20,00,000. But according to I.T. authority such purchase consideration is Rs.1,22,04,082. They added Rs.2,04,082 in total income under provision of 56(2) "under head of Income from other sources".

          How to deal with this? Please guide me.

Thank you.