TMI Blog2020 (9) TMI 664X X X X Extracts X X X X X X X X Extracts X X X X ..... tion has also been drawn towards the Preliminary valuation report by the DVO, whose copy has been made available at page 5 onwards of the Paper Book. Annexure-2 to the said report refers to seven comparable sale instances with per sq. mtr sale rate at ₹ 84,859/-, ₹ 57,498/-, ₹ 63,223/-, ₹ 56,740/-, ₹ 71,443/-, ₹ 59,613/- and ₹ 41,130/- . In the absence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(A)-4, Pune dated 10-07-2019 in relation to the assessment year 2015-16. 2. The only issue raised in this appeal is against the addition on account of valuation of a property, namely, Office Units No.18 19, 5th Floor, D Tower, Vega Centre, Gultekadi, Pune purchased by the assessee. Succinctly, the facts of the case are that the assessee jointly purchased the afore-referred commercial proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue of the property u/s 55A of the Act. The assessment was getting time barred on 31.12.2017. Since no valuation report was received till the date of passing of the assessment order on 20.12.2017, the Assessing Officer added the differential amount of ₹ 13,62,326/- to the total income of the assessee. During the course of the first appellate proceedings, the assessee submitted that the report ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of ₹ 77,640/- has been adopted by him for valuing the commercial area as well as car parking determining the total value of the property at ₹ 2,11,42,000/-. The ld. AR contended that there is no basis for computing ₹ 77,640/- per sq. mtr in the DVO s report. The Bench directed the ld. DR to point out the basis of the DVO s report through which the rate of ₹ 77,640/- per s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces given in the Preliminary report, which comes to ₹ 62,073/-. The Assessing Officer is directed to adopt this as per sq. mtr. fair market rate and then work out addition, if any, u/s 56(2)(vii) of the Act accordingly. The impugned order is set-aside to this extent. 4. In the result, the appeal is partly allowed. Order pronounced in the Open Court on 28th July, 2020. - - TaxTMI - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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