TMI Blog2019 (2) TMI 1875X X X X Extracts X X X X X X X X Extracts X X X X ..... O, find that the difference in valuation as adopted by the DVO and the price paid for the property by the assessee is less than 5%. In the given circumstances, as held by the coordinate Bench of Pune Bench in the case of Smt. Ratnakanta B. Agarwal [Supra] valuation is always a matter of estimation and the difference of less than 5% is only a difference which should be construed as a difference in estimation and the value adopted by the assessee should be accepted in such circumstances. Respectfully direct that the addition sustained by the CIT(Appeals) should be deleted. - Decided in favour of assessee. - ITA No.34/Bang/2019 - - - Dated:- 15-2-2019 - Shri N.V. Vasudevan, Vice President Appellant by: Shri Rama Jogi Reddy Sanep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to income-tax under the head Income from other sources , namely :- (vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009,- (a) .. (b) any immovable property,- (i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; (ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration: Provided that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e property). 5. On appeal by the assessee, the CIT(Appeals) confirmed the order of AO. 6. Before me, the ld. Counsel for the assessee relied on the decision of ITAT Pune Bench in the case of Smt. Ratnakanta B. Agarwal v. ITO, ITA 587/PUN/2014, order dated 24.07.2017 wherein the Hon ble Pune Bench took the view that if the variance between the value estimated as fair market value by the DVO and the value adopted by the assessee is less than 5%, then no addition should be made since the matter of valuation is always based on estimation and some differences do occur. 7. The ld. DR relied on the order of CIT(Appeals). 8. I have considered the rival submissions. I am of the view that the decision of the Pune Bench of the Tribunal ren ..... X X X X Extracts X X X X X X X X Extracts X X X X
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