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2022 (9) TMI 1376 - AT - Income TaxIncome from other sources u/s.56(2)(vii)(b) - difference between guideline value of the property and consideration paid for purchase of property - HELD THAT:- There is no dispute with regard to the fact that there is a difference between consideration paid for purchase of property as per registered document and guideline value of the property fixed by the authorities for payment of stamp duty. It is also not in dispute that the AO has referred valuation of the property to the DVO and the DVO has determined value of the property. We are of the considered view that difference between the DVO value of Rs.74,99,648/- and consideration paid for purchase of property at Rs.31,80,000/-, should be assessed as income of the purchasers in terms of s.56(2)(vii)(b) - AO after considering relevant facts has rightly made addition towards differential consideration u/s.56(2)(vii)(b) - CIT(A) has rightly appreciated the facts and sustained the additions made by the AO and thus, we are inclined to uphold the findings of the Ld.CIT(A) and dismiss the appeals filed by all the assessees.
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