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INCOME TAX APPELLATE TRIBUNAL (MUMBAI BENCH)
NAKODA DEVELOPERS MUMBAI – Appellant
Versus
DCIT MUMBAI – Respondent
IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA No. 4500/MUM/2025 Assessment Year: 2018-19 Nakoda Developers DCIT Room No. 1 & 2, 199/201 Circle 23(1), Piramal Chamber, Solitaire Mansion, Kalbadevi Mumbai Vs.
Road, Near Cotton Exchange, Mumbai - 400002 (PAN: AAKFN0607N)
(Appellant) ( R e spondent)
Present for:
Assessee : Shri Bhavesh Shah, AR Revenue : Shri Leyaqat Ali Aafaqui, Sr. DR Date of Hearing : 12.11.2025 Date of Pronouncement : 09.02.2026
O R D E R
PER GIRISH AGRAWAL, ACCOUNTANT MEMBER:
This appeal filed by the assessee is against the order of National Faceless Appeal Centre (NFAC), Delhi, vide order no. ITBA/NFAC/S/250/2025-26/1076198744(1), dated 14.05.2025, passed against the assessment order by National E-Assessment Cent
The Income Tax Act mandates that without substantive evidence of undisclosed investments, minor discrepancies in property values should not prompt tax assessments under Section 69.
Court affirmed that for assessing income, stamp duty valuation prevails under Section 56(2)(vii)(b)(ii) to counteract under-reporting in property transactions.
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