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2024 (2) TMI 1281 - ITAT MUMBAIIncome from other sources u/s 56 (2) (x) - difference between the valuation adopted by the district valuation officer and actual consideration - Onus to prove "on-money" transaction - assessee has purchased the property for a consideration which is less than the value determined by the learned departmental valuation officer - HELD THAT:- There is no provision in the act that before invoking the provisions of section 56 (2), the AO or the 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. Whether observation made by the learned registered valuer were not at all considered by the lower authorities i.e. CIT – A? - The preliminary valuation report was also submitted to the assessee and an opportunity was given for submitting the objection. Assessee submitted objection and it were considered by the learned DVO. Thus in view of the independent sale instances of similar sale consideration, it cannot be said that the report of the learned DVO suffers from any infirmity. As nothing was pointed out before the learned CIT – A that the valuation report prepared by the learned TPO suffers from any infirmity, it cannot be said that the learned CIT – A has blindly accepted the report of DVO. We have considered the submission made by the assessee on 27/3/2023 to the CIT – A placed at page number 48 – 67 of the paper book to reach at this conclusion. In view of the above facts, we do not find any infirmity in the order of the learned CIT – A in making the addition to the total income of the assessee being the difference between the actual consideration and the valuation determined by the learned district valuation officer. Thus we, uphold the orders of the learned CIT – A in confirming the addition under section 56 (2) (x) (b) (b) of the act as the assessee has purchased the property for a consideration which is less than the value determined by the learned departmental valuation officer in accordance with the provisions of section 50 C - Decided against assessee.
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