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2023 (7) TMI 174 - ITAT INDOREAddition of deemed income u/s 56(2)(vii)(b) - difference in purchase price and stamps authority valuation - HELD THAT:- Assessee has not made any explanation to AO when called upon to explain the difference in purchase price and stamps authority valuation. Even the assessee has not disputed the valuation done by stamps authority on any ground. Secondly, during first-appeal before the Ld. CIT(A), the assessee has simply mentioned the verdict of section 50C and made a simple rather vague claim that the valuation done by Stamp Authorities is very high. There is no iota of explanation or substantiation made by assessee as to why it is very high. Therefore, the claim of assessee is for the sake of claim only. Addition made by lower-authorities is mandated by section 56(2)(vii)(b) and in absence of a valid explanation by assessee, the same has to be made, there is no escape route. It is further observed that the assessee is not representing his case before us despite several opportunities. Therefore also, in absence of any assistance coming from assessee, we do not find any valid reason to interfere with the findings of lower authorities. Decided against assessee.
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