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2023 (6) TMI 25 - AT - Income TaxComputing profits and gains from transfer of asset / immovable property- value determined by the DVO - difference between stamp value and sale consideration - HELD THAT:- AO himself has referred the property under consideration to the DVO for valuation who assessed the value of property at Rs.2,01,33,600/- as against the sale consideration of Rs.1,66,15,200/- and circle rate of Rs.3,35,22,444/-. Though AO himself has referred the property to the DVO for valuation, however, by filling remand report dated 27.02.2019 before the ld. Commissioner raised the question over the method of valuation used by the DVO who has used the rent capitalization method for valuation of the property as a prescribed method for valuation. Commissioner by considering the peculiar facts that AO has failed to point out any lacunae or fallacies in respect of the DVO report to substantiate his claim that the valuation report was not reliable and in the remand report, the AO did not cite any comparable evidence of sale of property at the value adopted by the AO in the assessment order, ultimately accepted the value determined by the DVO, as the fair market value of the property sold and therefore, considering the peculiar facts and circumstances of the case restricted the addition to the difference of Rs.35,18,400/- (Rs.2,01,33,600 - Rs. 1,66,15,200). Considering the decision of the ld. Commissioner in totality, we do not find any reason and/or material to contradict the findings of the ld. Commissioner in coming to the said decision. - additions confirmed.
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