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2015 (10) TMI 2503 - ITAT DELHI

2015 (10) TMI 2503 - ITAT DELHI - TMI - Addition u/s 69B on basis of the valuation report of the District Valuation Officer (DVO) - Held that:- Here is a case in which the assessee claimed to have purchased the property for a sum of ₹ 3.50 crore and the AO has made addition of ₹ 5,59,66,000/- lac simply on the basis of difference between the DVO’s report and apparent sale consideration. No attempt has been made for verifying the price from the seller of the property. There is no posi .....

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h is less than the stamp duty value of the property by an amount exceeding ₹ 50,000/-, the stamp duty value of such property as exceeded such consideration shall be taxed as ‘Income from other sources.’ The legislature has brought in section 56(2)(vii)(b) with the sole intention of bringing under-hand payment of sale consideration of immovable property to tax. This provision has been enshrined w.e.f. the A.Y. 2014-15 and is not applicable retrospectively to the A.Y. 2006-07 under considera .....

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Respondent : Smt. Nandita Kanchan, CIT, DR ORDER PER R.S. SYAL, AM: This appeal by the Revenue and the Cross Objection by the assessee arise out of the order passed by the CIT(A) on 2.2.2012 in relation to the assessment year 2006-07. 2. The only ground raised by the Revenue in this appeal is against the deletion of addition of ₹ 5,59,66,000/- made by the AO u/s 69B of the Income-tax Act, 1961 (hereinafter also called the Act ) on the basis of the valuation report of the District Valuation .....

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e acquired ownership rights in the commercial property No. 210, Okhla, Phase III, New Delhi for a sum of ₹ 3,50,00,000/- and incurred expenses on stamp duty and other expenses, bringing the total cost of such property at ₹ 3,76,75,000/-. The AO made a reference to the Departmental Valuation Officer (DVO) for determining the fair market value of this property. The DVO assessed the value at ₹ 8,99,66,000/- as against the declared cost price at ₹ 3,50,00,000/-. On being call .....

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of ₹ 3.50 crore along with other expenses incurred was properly reflected by the assessee in his books of account. The only dispute is on an addition of ₹ 5,49,66,000/-, being the difference between the fair market value of the property as determined by the DVO and the purchase cost as per Agreement to sell. It is important to mention that apart from the Departmental Valuation Officer s report, there is no other material to indicate that the assessee had, in fact, invested more amoun .....

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