TMI Blog2013 (9) TMI 969X X X X Extracts X X X X X X X X Extracts X X X X ..... justified solely relying upon the valuation report – Decided against the Revenue. - ITA 340/2011 - - - Dated:- 12-8-2013 - Sanjiv Khanna And Sanjeev Sachdeva,JJ. For the Appellant : Mr. N. P. Sahni with Mr. Ruchesh Sinha, Advocates. ORDER 1. Revenue in this appeal under Section 260A of the Income Tax, 1961 (?Act? for short) impugns order dated 25.06.2010, passed by the Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal Valuation Officer. This statement is not controverted or accepted by the counsel for the Revenue as he has no information. 4. The Departmental Valuation Officer had opined that the value of the property at the time of purchase was Rs.2,84,72,600/- and this became the basis of the addition made by the assessing officer. The respondent/assessee had disclosed sale consideration of as Rs.39,00,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Del), Commissioner of Income Tax vs. Navin Gera (2010) 328 ITR 516 (Del), CIT vs. Suraj Devi (2010) 328 ITR 604 and Commissioner of Income Tax vs. Bajrang Lal Bansal (2011) 325 ITR 572 (Del). It has been repeatedly held that addition cannot be justified solely relying upon the valuation report. Decision of the Supreme Court in the case of K.P. Varghese vs. ITO 1981, 131 ITR 597 has been followed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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