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

Others 283 views 2 replies

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.

Replies (2)

Whether the valuation report was obtained from Valuation Officer?

If yes, accept the addition........ otherwise file appeal......

there's no obligation for the AO to take value adopted by VO and moreover it's onus of the assessee to produce valuation report from registered valuer


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