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2023 (3) TMI 470 - AT - Income TaxAddition u/s 56(2)(vii)(b) - assessee has purchased two parcels of land for a sale consideration - Special Deputy Collector (Stamps) had valued the property price more than sale consideration - assessee has not asked the Assessing Officer to refer the matter to the DVO to ascertain the fair market value and dismissed the appeal of the assessee - HELD THAT:- Admittedly, there is a difference between the sale consideration and the value adopted by the Special Deputy Collector (Stamps). It is a fact that the assessee has not requested the AO to refer the matter to the DVO to ascertain the FMV. In our opinion, the assessee should have asked the AO to refer the matter to the DVO to ascertain FMV. Assessee has raised the issue before the ld. CIT(A) and CIT(A) did not consider this for the reason that the assessee has not asked for reference to DVO before the AO. Under these facts and circumstances, we are of the opinion that one more opportunity to the assessee to substantiate his claim and to make a request to the AO to refer the matter to the DVO to ascertain FMV. We set aside the order passed by the ld. CIT(A) and remit the matter back to the file of the Assessing Officer and by considering the request of the assessee, the AO shall refer the matter to the DVO to ascertain the FMV and decide the issue afresh in accordance with law by allowing an opportunity of being heard to the assessee - Appeal filed by the assessee is allowed for statistical purposes.
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