TMI Blog2023 (3) TMI 470X X X X Extracts X X X X X X X X Extracts X X X X ..... sked the AO to refer the matter to the DVO to ascertain FMV. Assessee has raised the issue before the ld. CIT(A) and CIT(A) did not consider this for the reason that the assessee has not asked for reference to DVO before the AO. Under these facts and circumstances, we are of the opinion that one more opportunity to the assessee to substantiate his claim and to make a request to the AO to refer the matter to the DVO to ascertain FMV. We set aside the order passed by the ld. CIT(A) and remit the matter back to the file of the Assessing Officer and by considering the request of the assessee, the AO shall refer the matter to the DVO to ascertain the FMV and decide the issue afresh in accordance with law by allowing an opportunity of being he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at ₹.5,86,88,501/-. The difference is of ₹.3,46,88,501/- and the Assessing Officer has disallowed the difference amount, which attracts the provisions of section 56(2)(vii)(b) of the Act. The Assessing Officer has further noted that as per section 56(2)(vii)(b) of the Act provides that in case of where there is transfer of an immovable property either without consideration or a consideration which is less than the stamp duty value of the property, the stamp duty value of such property as exceeds such consideration shall be deemed to be the value of the immovable property. 3. On appeal, the ld. CIT(A) confirmed the order of the Assessing Officer by observing that the Assessing Officer gave opportunities to substantiate its cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the matter to the DVO to ascertain the FMV. In our opinion, the assessee should have asked the Assessing Officer to refer the matter to the DVO to ascertain FMV. However, the assessee has raised the issue before the ld. CIT(A) and the ld. CIT(A) did not consider this for the reason that the assessee has not asked for reference to DVO before the Assessing Officer. Under these facts and circumstances, we are of the opinion that one more opportunity to the assessee to substantiate his claim and to make a request to the Assessing Officer to refer the matter to the DVO to ascertain FMV. In view of the above, we set aside the order passed by the ld. CIT(A) and remit the matter back to the file of the Assessing Officer and by considering the req ..... X X X X Extracts X X X X X X X X Extracts X X X X
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