New Delhi, Aug. 13 -- A property buyer who purchased an immovable property for Rs.6.5 crore despite its stamp-duty value being Rs.8.85 crore has won relief from the Income Tax Department after the Income Tax Appellate Tribunal (ITAT), Mumbai ruled that a higher stamp-duty valuation alone cannot establish unexplained investment.

According to a report by ET Wealth, the case relates to Assessment Year (AY) 2017-18. The buyer, who had purchased a property in Pune, faced an income tax addition of Rs.2.35 crore, representing the difference between the actual purchase consideration and the value adopted by the stamp-duty authorities.

The tax department treated the difference as unexplained investment under Section 69B of the Income-tax Act, 19...