Income tax appellate tribunal (ITAT): In an order dated January 8, 2024 ITAT has granted relief to a non-resident Indian (NRI) upon whom the income tax assessing officer (AO) imposed an income of Rs 40.45 lakh. The NRI individual purchased a flat in West Mumbai for Rs 1.82 crore in 2010 when the stamp duty of such flat was Rs 1.4 crore. The stamp duty value was Rs 2.2245 crore when the flat was registered in 2013.
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