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2018 (12) TMI 896 - AT - Income TaxApplicability of provisions of Section 56(2)(vii)(b) - excess of the purchase consideration - income from other sources - market value of the property at village Khera Kalan is less than the circle rate - difference between the purchase cost shown by assessee and as reported by DVO - Held that:- matter requires reconsideration at the level of the A.O. The assessee filed objections before A.O. on 28.12.2016 objecting to the report of the DVO. The assessee also explained before Ld. CIT(A) guidelines of Directorate of the Department which have not been followed by the DVO. Several instances of the lesser cost were furnished which have not been considered by the DVO. The assessee pointed out the defects and deficiencies in the report of the DVO which have not been considered by the A.O. The assessee also furnished reports from two registered valuers who have reported lesser value. These facts, therefore, show that the A.O. instead of referring the objections of the assessee to the DVO, has passed the order within two days of receipt of the objections from the side of the assessee. The course adopted by the A.O. is not permissible and is clearly denial of principles of natural justice as well. - Appeal of assessee is allowed for statistical purposes.
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