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2022 (12) TMI 628 - ITAT CHENNAIAddition u/s 56(2)(vii)(b) - AO referred the valuation of property to Valuation Cell of the Income Tax Department and the DVO has determined value of property - difference between guideline value of the property and consideration paid for purchase of said property, then, said difference should be treated as income of the assessee in terms of s.56(2)(vii)(b) - difference between the DVO value and consideration shown in the registered document, at the rate of 1/5th on each co-owner name and made addition - 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. In dispute that the AO has referred valuation of the property to the DVO and the DVO has determined value of the property. Therefore, difference between the DVO value and consideration paid for purchase of property 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 CIT(A) and dismiss the appeals filed by all the assessees.
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