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2023 (5) TMI 732 - AT - Income TaxAddition u/s 56(2)(vii) r.w.s. 69 - difference between the purchase price i.e. circle rate/stamp duty value and the value determined by the DVO - assessee has purchased four properties at circle rates with his brothers and has 1/4th share in all four properties - HELD THAT:- As section 56(2)(vii) can be invoked only if the consideration at which the property is purchased is less than the stamp duty value of such property. This section can be invoked only if the circle rate of the property was more than the price at which the property was purchased and the property can be referred to DVO only if the assessee disputes the stamp duty value of the property. Thus, it is the plea of the assessee that invocation of section 56(2)(vii) is itself wrong. We find ourselves in agreement with the proposition that the sanguine provision of concerned section duly mandate that value of property purchased has to be less than circle rate for the difference to be added. Hence, we allow the additional ground raised by the assessee. Hence, the assessment is held to be invalid. Decided in favour of assessee.
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