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2015 (3) TMI 1281 - AT - Income TaxReference to the Valuation Officer - adoption of value of the SVA as FMV - whether for the purposes of payment of stamp duty in respect of such transfer, the value so adopted or assessed shall for the purposes of section 48 be deemed to be the full value of consideration received or accruing as a result of such transfer? - Held that:- In the instant case, the assessee has requested the Assessing Officer for referring the matter to DVO wherein the assessee was given show-cause notice and thereafter DVO has made his report. We find that in the instant case, the valuation assessed by SVA is at ₹ 92.65 Lac. wherein the DVO’s value at ₹ 1.50 crore. So, Assessing Officer adopted the value declared by SVA. We find that the Assessing Officer is justified in his action. As gone through the judgment of CIT Vs. Smt. Shweta Bhuchar (2010 (2) TMI 1049 - PUNJAB AND HARYANA HIGH COURT) as held that if the addition has to be made on account of unexplained investment in purchase of property, the Assessing Officer should make a reference to the Valuation Officer in terms of sub-section (2) of sec. 50C of the Act. We find that in the instant case, the Assessing Officer has obtained the report from DVO, therefore this judgment will not helpful to the assessee. Similarly, in the case of CIT Vs. Chandni Bhuchar reported in (2010 (1) TMI 502 - Punjab and Haryana High Court) decided the issue relating to addition made u/s. 48 on account of unexplained investment in the property. In the instant case, it is a case of deciding the FMV, therefore this judgment also will not helpful to the assessee. Therefore, we are of the view that the Assessing Officer and the Ld. CIT(A) are justified in their action. Appeal of the assessee is dismissed.
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