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TMI Blog2018 (6) TMI 955X X X X Extracts X X X X X X X X Extracts X X X X ..... essee and the valuer was less than 15 per cent. Not only this, the construction of the house was spread over a period of seven years. In the facts of the present case the difference between the plea of the assessee on the issue on investment on house property and the valuer's report was so meagre that one could assume it to be bonafide difference fit to be ignored." - Decided in favour of assessee. - I. T. A. No. 935 /Delhi/ 2018 - - - Dated:- 14-5-2018 - H. S. Sidhu (Judicial Member) Pradeep Sahgal, Advocate, for the appellant. Kaushlendra Tiwari, Senior Departmental representative, for the respondent. ORDER 1. H. S. Sidhu (Judicial Member).- The assessee has filed the present appeal against the impugned order d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Appeals)-11, New Delhi has in law and on facts in sustaining the wrong charge under sections 234A, 234B and 234C and initiation of proceedings under section 271(1)(c) of the Act erred both of interest of penalty. 5. That the appellate order arbitrary, capricious and against deserves to be quashed/annulled. The appellant seeks permission to modify and/or prefer any other ground of appeal as the circumstances of the case 3. The brief facts of the case are that the assessee had filed the return of income on March 31, 2013 showing a total income of ₹ 1,97,540. The case of the assessee was reopened under section 147 of the Income-tax Act, 1961 by issue of notice under section 148 of the Act on February 17, 2015 and notice under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw and on facts of the case in sustaining the addition of ₹ 6,07,000 made by the Assessing Officer for the difference between the actual sale consideration and the fair market value estimated by the Departmental Valuation Officer by complete disregard to the material placed on record, which deserves to be deleted. He further stated that the difference of ₹ 6,07,000 between the sale consideration of ₹ 55,00,000 and the fair market value of ₹ 61,07,000 estimated by the Departmental Valuation Officer being 11.04 per cent., which is marginal and well within the tolerance limit/band of 15 per cent. laid down by various courts, the learned Commissioner of Income-tax (Appeals), New Delhi should have deleted the resultant ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of any statutory provision, no hard and fast rule can be laid down in regard to the percentage of difference which can be ignored. The difference between the assessee and the valuer was less than 15 per cent. Not only this, the construction of the house was spread over a period of seven years. In the facts of the present case the difference between the plea of the assessee on the issue on investment on house property and the valuer's report was so meagre that one could assume it to be bona fide difference fit to be ignored. Keeping in view of the facts and circumstances of the case and respectfully following the precedent, as aforesaid, I delete the addition in dispute and allow the grounds raised by the assessee. 8. In the resul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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