TMI Blog2013 (8) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... annot form basis for additions under Section 69B of the Act - Decided against Revenue. - Tax Appeal No. 340 of 2013 - - - Dated:- 25-4-2013 - AKIL KURESHI AND SONIA GOKANI , JJ. For the Appellant : K.M. Parikh. ORDER:- PER : Akil Kureshi Revenue is in appeal against the judgment of the Tax Appellate Tribunal ("the Tribunal" for short) dated 31-8-2012 raising following question fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of Rs. 18.25 lakhs towards the land and Rs. 52.59 lakhs (rounded off) for the building in its books of account. The assessee had paid a stamp duty of Rs. 7.31 lakhs (rounded off) on such disclosed value of the property. The assessee, however, subsequently paid additional stamp duty of Rs.3,09,000/-, which was computed on the basis of fair market value determined by the Stamp Duty Authority. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contended that there were major errors in the parameters adopted by the DVO in estimating the market value. It was lastly contended that in any case DVO's report cannot form the sole basis for making additions under Section 69B of the Act. 6. CIT(Appeals) allowed the assessee's appeal relying on the decision of the Supreme Court in the case of K.P. Varghese v. Income-Tax Officer, Ernakulam, and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t income must accrue or should be received by the assessee over and above declared by the assessee and the same should not be deemed to accrue or to be received which in fact never accrue or was never received. In the instant case, the A.O. has not brought on record any material to show that assessee paid higher consideration towards his investment in land and building then shown by him in his boo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 142A of the Act in support of his contention. 9. We are of the opinion that CIT(Appeals) as well as the Tribunal committed no error in deleting the additions made by the Assessing Officer. It is undisputed that the sole basis for making the addition was the DVO's report. DVO's report may be a useful tool in the hands of the Assessing Officer, nevertheless it is an estimation and wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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