Assessee has purchase a property of 19,50,000\/-. The Assessing Officer held that\u00a0 the circle rate of the flat in question (as per the Stamp Valuation Authority) was 41,34,330\/-.\u00a0 Hence added\u00a0 the difference of 21,84,330\/- u\/s 56(2)(vii) (b) of the Act\u00a0 . CIT ( A) confirmed the addition . On appeal the Tribunal held that\u00a0 the Assessee has submitted the valuation report from Registered Valuer .\u00a0 It was argued by the Revenue to restore the matter back to AO for referring the valuation of flat to DVO . Tribunal held that referring the matter back to DVO \u00a0will tantamount to condoning the erroneous action of AO and consequently allowing a second inning for no fault of assessee and would tantamount to breathing fresh life to an order which on the facts on records exposes the arbitrary and whimsical action of AO and so is unsustainable in law. Therefore, the addition made by AO to the tune of 21,84,330\/- u\/s 56(2)(vii)(b)\u00a0 was \u00a0directed to be deleted. ( ITA No. 51\/Mumm\/2023 dt . 31 -3 -2023)( AY. 2018 -19 )\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 56 : Income from other sources \u2013Agreement value less than stamp valuation – Property purchased \u2013 Slum area \u2013 Valuation report of valuer was filed – Not referred to valuation Officer -Request to send back the matter to Assessing Officer to refer the matter to DVO was rejected- Addition was deleted [ S. 56(2)(vii))(b) ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34854","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-94a","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34854"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34854\/revisions"}],"predecessor-version":[{"id":34855,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34854\/revisions\/34855"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}