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2015 (11) TMI 1571 - ITAT AHMEDABAD

2015 (11) TMI 1571 - ITAT AHMEDABAD - TMI - Valuation - Addition of undisclosed income made u/s. 50C - sale of land - Revenue’s endeavor is to restore the entire addition sum of ₹ 2,17,70,600/- based on jantri price of the land sold instead of DVO’s valuation determining the same to be of ₹ 24,15,000/- Held that:- The hon’ble Allahabad high court in case of CIT Vs. Dr. Indra Swaroop Bhatnagar Income [2013 (2) TMI 456 - ALLAHABAD HIGH COURT ] holds that a DVO’s valuation u/s. 50C(2) b .....

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anwari Lal, CIT-D.R. For the Assessee : M. K. Patel, A.R. S. S. Godara (Judicial Member) This Revenue s appeal for A.Y. 2006-07, arises from order of the CIT(A)-V, Surat dated 28-02-2012 in appeal no. CAS/V/206/11- 12, in proceedings under section 143(3) r.w.s. 147 of the Income Tax Act, 1961; in short the Act . 2. The Revenue s sole substantive ground challenges the lower appellate order restricting addition of undisclosed income of ₹ 2,17,70,600/- made u/s. 50C of the Act arising from sa .....

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