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2017 (3) TMI 389 - HC - Income TaxAdditions made on the basis of the reevaluation of the assesses’s property - assessment u/s 153A - AO referred the issue to the District Valuation Officer (DVO) - whether AO was justified in re-valuing the property based upon the replies to the queries by the assessee’s banker? - Held that:- The sale and the consideration received were reported by the assessee in the return filed. The transaction took place on 29.06.2007. The dispute vis-a-vis the transaction value is a matter as yet undertermined. The orders of the adjudicating authorities – most importantly that of the AO, nowhere discloses what was the fresh document or material seized which made him suspect the valuation of the property which ultimately led him to send queries to the assessee’s banker and also refer the matter to the DVO. No infirmity with the ITAT order which essentially held that the valuation by the banker, who provided credit could well be different from the valuation report for the transaction given that the assessee had purchased the property long ago. In other words, the absence of any material seized during the search proceeding could not have justified afresh examination of the valuation issue. No substantial question of law arises. - Decided against revenue.
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