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2019 (3) TMI 1889 - ITAT MUMBAIAddition u/s 50C - sale consideration declared by the assessee is less than the value as per stamp duty valuation authority - fair market value as per AIR information - valuation of the property to DVO to ascertain the FMV - consideration declared by the assessee is less than the value as per stamp duty valuation authority - CIT(A) deleted the addition on the ground that difference between the fair market value as per DVO report and agreement value which is 5.8% approximately - HELD THAT:- CIT(A) deleted the addition on the ground that difference between the fair market value as per DVO report and agreement value comes to around 5.8% approximately and Ld. CIT(A) by relying on the decision of Hon’ble Supreme Court in the case of C.B. Gautam [1992 (11) TMI 1 - SUPREME COURT] and decision of Krishna Enterprises [2016 (12) TMI 52 - ITAT MUMBAI] decided the issue in favour of the assessee by holding that the difference between the fair market value as per DVO and the value as per agreement is around 5.8% which is not to be considered for making addition under section 50C and thus deleted the addition - We do not find any infirmity in the order of Ld. CIT(A) or any reason to deviate from the finding of the Ld. CIT(A). Accordingly, we uphold the order of Ld. CIT(A) by dismissing the appeal of the Revenue.
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