Stamp duty vs deal value: Homebuyer gets relief as ITAT Mumbai rejects addition of Rs 18 lakh income by tax dept for property valuation gap

A Mumbai homeowner has won a significant tax case. The Income Tax Appellate Tribunal ruled in his favour, deleting an Rs 18.95 lakh income addition. The tax department had questioned the difference between the property's agreement value and its stamp duty value. The tribunal found the allotment letter to be a valid agreement, fulfilling the conditions for relief.