The assessee had purchased four properties with his brothers at circle rate/stamp duty value and had 1/4th share in all four properties. The AO has referred the valuation of the property purchased by the assessee to the DVO and assessed the difference between the purchase price i.e. circle rate/stamp duty value and the value determined by the DVO treated as income of the assessee u/s 56(2)(vii) r.w.s. 69. The CIT(A) upheld the order of the AO.The Tribunal accepted the contention of the assessee that the purchase was done at circle rate and there was no understatement of purchase rate whatsoever and therefore, section 56(2) (vii) could not be invoked. The Tribunal further held that property could be referred to DVO only if assessee disputes stamp duty value of property Therefore, impugned invocation of section 56(2)(vii) was unjustified and said addition made by Assessing Officer was to be deleted.(AY. 2017-18)