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2014 (7) TMI 807 - AT - Income TaxReference made to DVO – sale of property - adoption of value as per stamp value u/s 50C - applicability of provision of section 50C to section 69 - Held that:- Procedure as per sec. 50C is to be adhered in its totality which mandated that in the event of dispute by the assessee as to the adoption of value as per SRO, a reference to be made by the AO to the valuation cell - The decision in ITO vs. Shri Harinath Choudary [2014 (4) TMI 399 - ITAT HYDERABAD] followed - the AO should have referred the issue of valuation to the valuation officer as per the provisions of section 50C(2) – Decided in favour of Assessee. Addition u/s 68 and 69 – Unexplained deposits in bank account – Held that:- The extract of accounts that there is opening balance of ₹ 15 lakhs as on 1.4.2008 and cheque for ₹ 20 lakhs was received on 3.4.2008 - The total amount of ₹ 35 lakhs was accounted in the books of account - the amount of ₹ 20 lakhs was received by cheque and the creditor has confirmed by a letter of confirmation that he has given that amount and the creditor is also an assessee of income-tax, PAN have been given to the AO by the assessee, the AO is not justified in making the addition of ₹ 20 lakhs as cash credit - considering the explanation given by the assessee that the person who had given the credit has passed away on 28.7.2011 and could not be produced before the AO and the CIT(A) - the AO is not justified in making the addition and the CIT(A) also erred in confirming the addition of ₹ 20 lakhs – Decided partly in favour of Assessee.
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