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TMI Blog2022 (1) TMI 1042X X X X Extracts X X X X X X X X Extracts X X X X ..... risdiction u/s. 147/148 of I.T. Act as well as the re-assessment so framed in furtherance of such invalid jurisdiction is bad in law. 3) That the alleged "reason to believe" have been framed by AO without application of mind and in the absence of valid material consequently the assumption of jurisdiction u/s. 147/148 of the I.T. Act as well as the reassessment made in furtherance thereof is arbitrary, unjust, and at any rate very excessive. 4) That The AVO ought not to have worked out the market value of the land/plot on the basis of circle rate and rather it should have been worked out on the basis of independent evidence and consequently the value of the land/plot worked out by the AVO at Rs. 43,03,000/- which includes the salvage of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d for stamp duty and sale consideration. In response to the notice issued u/s. 148 of the Income Tax Act, 1961 ("the Act"), Ld. Counsel for the assessee appeared and filed a details. However, the Assessing Officer did not accept the contention of the assessee and proceeded to adopted the sale consideration at Rs. 47,25,000/- and made addition of Rs. 27,25,000/-. 4. Aggrieved against this, the assessee preferred appeal before Ld. CIT(A) during the appellate proceedings. The issue was referred to Departmental Valuation Officer ("DVO") and the DVO computed the fair market value of the property at Rs. 43,03,000/-. However, Ld. CIT(A) on the basis of comparable sale under consideration adopted at sale consideration of Rs. 38,95,000/-. 5. Aggri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record and gone through the orders of the authorities below. The reasons for reopening the assessment states as under:- "Information was received from ACIT, Circle-1, Noida that the above assessee has sold property consisting of 250 sq. Mtrs. of Plot at D-213, G-8, Sector-39, Noida and the registered sale price was Rs. 22,00,000/-. The ACIT, Circle-1, Noida vide his letter No. 167 dated 27.03.2014 has informed that the sale price as assessed by Registrar/sub-Registrar for stamp duty was Rs. 29,02,000/- and therefore there is a difference of Rs. 7,02,000/- between the sale price adopted for stamp duty and sale consideration. hence, the AO has reason to believe that the income of the assessee amounting to Rs. 7,02,000/- has escaped assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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