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TMI Blog2024 (2) TMI 1281X X X X Extracts X X X X X X X X Extracts X X X X ..... e taken by the appellant under section 56 (2) (x). 2) The CIT - A erred in confirming the addition on the ground that property value determined by the view of ideas order under section 50 C read with section 56 (2) (x) (b) dated 10/3/2023 wherein he has determined the value of the said property at Rs. 193,886,000/- instead of the declared value taken by the appellant of Rs. 168,000,000. 3) The CIT (A) was not justified in simply relying on the findings of the DVO in confirming the addition without giving sufficient opportunity to the appellant to prove its case 4) the learned CIT - A order in confirming the addition on the basis of only DVO report and without giving emphasis to the government valuer reports submitted by the appellant thereby denying the appellant natural justice 5) the learned CIT - A has not considered the submission made to him vide letter dated 27/3/2023, wherein it is explained in detail that how the valuer property determined by DVO was not in consensus with the actual state of the property 6) As no proper and sufficient opportunity of hearing is given to the appellant to the true value of the property, the appellant request for the admission of addi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e complexities at a cheaper rates of about Rs. 20,000/- to Rs. 22,000 is per square feet on sellable built up area and availability of good the choicest new ready offices in huge quantities than demand were available. This resulted in sharp drop of sales in Nariman point and for all of and south Bombay region. This fact of sharp drop-off actual sale rate is not reflected in government ready reckoner stamp duty or positive publish the rates by Maharashtra government may be in the interest of levying higher stamp duty on transfer/transaction to generate higher revenue for government. Many court matters are filed against Maharashtra government stamp duty registrar against this wrong and higher public stamp duty rates with request to reduce the same. It was further stated that the government rate of Rs. 518,000/- per square meter is too high considering the actual average sale rate of about Rs. 31,000 per square feet considered for this valuation of office in this old building of 1974. Accordingly the learned that government valuer Mr. SD Thackeray and associates valued the property at Rs. 16,88,50,000 as per valuation report dated 25/8/2017. viii. On remand to LD AO, It is valued by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing officer on remand report and report of the view dated 21/3/2023, the assessee's reply to the CIT - A dated 27/3/2023 and the order of the first appellate authority. He further referred to the judicial precedent in 338 ITR 485 (Delhi), 328 ITR 604 (Delhi) and 357 ITR 671 (Delhi). The main argument of the learned authorized representative is that there should be an allegation/evidence of on money payment without which the addition under section 56 (2) (x) cannot be made. He further relied on the decision of the honourable Supreme Court in case of 131 ITR 597. This decision was not considered by the learned CIT - A. It is further the claim of the learned authorized representative that the learned CIT - A has not considered the content of the registered valuer wherein there is a discussion about why the property does not have market value as per ready reckoner. He further stated that the blind acceptance of the debuts report is incorrect. 09. The learned departmental representative vehemently supported the order of the lower authorities and read the provisions of the law. It is stated that it is the anti avoidance provision where the assessee himself has to prove that why ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , as far as may be, apply in relation to the stamp duty value of such property for the purpose of this sub-clause as they apply for valuation of capital asset under those section. 012. Thus in the present case, undisputedly the assessee has purchased the property to stamp duty value is higher than the value of the consideration shown by the assessee, when the assessee submitted the additional evidence in the form of the registered valuer's report before the learned CIT - A, the valuation was referred to the district valuation officer, whatever valuation has been made by the district valuation officer was accepted by the revenue authorities and the difference between the valuation adopted by the district valuation officer and actual consideration has been added into the hands of the assessee. 013. There is no provision in the act that before invoking the provisions of section 56 (2), the AO or the learned CIT - A should prove with evidence that there is a transaction of on money and then only addition can be made. It is an anti avoidance provision. Therefore, such argument deserves to be rejected. 014. So far the argument of the learned authorized representative that various ..... X X X X Extracts X X X X X X X X Extracts X X X X
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