9911796707
TMI Blog2018 (12) TMI 896X X X X Extracts X X X X X X X X Extracts X X X X ..... have not been considered by the DVO. The assessee pointed out the defects and deficiencies in the report of the DVO which have not been considered by the A.O. The assessee also furnished reports from two registered valuers who have reported lesser value. These facts, therefore, show that the A.O. instead of referring the objections of the assessee to the DVO, has passed the order within two days of receipt of the objections from the side of the assessee. The course adopted by the A.O. is not permissible and is clearly denial of principles of natural justice as well. - Appeal of assessee is allowed for statistical purposes. - ITA.No.7058/Del./2017 - - - Dated:- 17-5-2018 - Shri Bhavnesh Saini, Judicial Member For the Assessee : Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee was requested to furnish her comments on the valuation report and also to explain as to why the excess of the purchase consideration should be taxed as income from other sources by invoking the provisions of Section 56(2)(vii)(b) of the I.T. Act. 2.1. The assessee filed reply vide letter dated 28.12.2016 stating thereon that the valuation report is made merely an estimate/opinion and there is no basis for making the addition. The A.O. after considering the objections of the assessee, made the addition of ₹ 28,88,650/- on account of difference between the purchase cost shown by assessee and as reported by DVO vide report dated 30.12.2016. 3. The addition was challenged before the Ld. CIT(A). The written submissions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the A.O. The assessee filed objections before A.O. on 28.12.2016 objecting to the report of the DVO. The assessee also explained before Ld. CIT(A) guidelines of Directorate of the Department which have not been followed by the DVO. Several instances of the lesser cost were furnished which have not been considered by the DVO. The assessee pointed out the defects and deficiencies in the report of the DVO which have not been considered by the A.O. The assessee also furnished reports from two registered valuers who have reported lesser value. These facts, therefore, show that the A.O. instead of referring the objections of the assessee to the DVO, has passed the order within two days of receipt of the objections from the side of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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