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TMI Blog2018 (6) TMI 955X X X X Extracts X X X X X X X X Extracts X X X X ..... hi has erred both in law and on facts of the case in sustaining the addition of Rs. 6,07,000 made by the Assessing Officer for the difference between the actual sale consideration and the fair market value estimated by the Departmental Valuation Officer by complete disregard to the material placed on record, which deserves to be deleted. 2. That the difference of Rs. 6,07,000 between the sale considera tion of Rs. 55,00,000 and the fair market value of Rs. 61,07,000 estimated by the Departmental Valuation Officer being 11.04 per cent., which is marginal and well within the tolerance limit/ band of 15 per cent. laid down by various courts, the learned Commissioner of Income-tax (Appeals)-11, New Delhi should have deleted the result ant addi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the stamp duty valuation of Rs. 1.31 crores. The assessee raised objections to the proposed addition of Rs. 86 lakhs under section 50C of the Act. As a result, the Assessing Officer referred the property for valuation to the Departmental Valuation Officer who vide his report dated December 10, 2015 valued the property at Rs. 61,07,000. Accordingly, the Assessing Officer made the addition of Rs. 6,07,000 on account of difference in the valuation of property done by the Departmental Valuation Officer and the sale consideration by invoking the provisions of section 50C of the Act vide his order dated March 3, 2016 passed under section 148/143(3) of the Act. Aggrieved with the assessment order, the assessee appealed before the learned Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y be allowed. 6. On the contrary, the learned Departmental representative relied upon the orders of the authorities below and relied upon the case law as referred to in the impugned order. 7. I have heard both the parties and perused the records, especially the impugned order and the case law cited by both the parties. I find that the learned Commissioner of Income-tax (Appeals) has sustained the addition of Rs. 6,07,000 made by the Assessing Officer for the difference between the actual sale consideration and the fair market value estimated by the Departmental Valuation Officer. I further note that the difference of Rs. 6,07,000 between the sale consideration of Rs. 55,00,000 and the fair market value of Rs. 61,07,000 estimated by the De ..... X X X X Extracts X X X X X X X X Extracts X X X X
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