TMI Blog2022 (9) TMI 1376X X X X Extracts X X X X X X X X Extracts X X X X ..... a difference between consideration paid for purchase of property as per registered document and guideline value of the property fixed by the authorities for payment of stamp duty. It is also not in dispute that the AO has referred valuation of the property to the DVO and the DVO has determined value of the property. We are of the considered view that difference between the DVO value of Rs.74,99 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erent assessees are directed against separate, but identical orders of the Commissioner of Income Tax (Appeals)-18, Chennai, all dated 16.02.2021 and pertains to assessment year 2017-18. Since, facts are identical and issues are common, for the sake of convenience, these appeals filed by different assessees were heard together and are being disposed off, by this consolidated order. 2. All ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt proceedings, the AO referred the valuation of property to Valuation Cell of the Income Tax Department and the DVO has determined value of property at Rs.74,99,648/-. The AO assessed sum of Rs.43,19,648/- u/s.56(2)(vii)(b) of the Act, being difference between the DVO value of Rs.74,99,648/- and consideration shown in the registered document, amounting to Rs.31,80,000/-, at the rate of 1/5th on e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rting the order of the Ld.CIT(A), submitted that the law is very clear in as much as if there is a difference between guideline value of the property and consideration paid for purchase of said property, then, said difference should be treated as income of the assessee in terms of s.56(2)(vii)(b) of the Act, and thus, the AO has rightly made the addition towards difference and the Ld.CIT(A) has ri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2)(vii)(b) of the Act. The AO after considering relevant facts has rightly made addition towards differential consideration u/s.56(2)(vii)(b) of the Act. The Ld.CIT(A) has rightly appreciated the facts and sustained the additions made by the AO and thus, we are inclined to uphold the findings of the Ld.CIT(A) and dismiss the appeals filed by all the assessees. 7. In the result, appeals filed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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