9911796707
TMI Blog2020 (11) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... erated. Appeal of the assessee is allowed. - ITA No. 4223/Del/2019 (Asstt. Year : 2009-10) - - - Dated:- 12-10-2020 - Sh. Bhavnesh Saini, Judicial Member And Dr. B. R. R. Kumar, Accountant Member Assessee by : Sh. Raj Kumar, CA Revenue by : Sh. H.K. Choudhary, CIT DR ORDER Per Dr. B. R. R. Kumar, Accountant Member: The present appeal has been filed by the assessee against the order of the ld. CIT(A)-27, New Delhi dated 07.03.2019. 2. Following grounds have been raised by the assessee: 1. That under the facts and circumstances, reference to DVO for estimating the cost of repair and renovation of building is absolutely illegal and un-called for in law as well as on merits. 1.1 That in the absenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... served that the assessee has made investment in the building in the years under consideration. Accordingly, the AO has referred the matter to DVO vide letter dated 17.10.2011. The report of DVO dated 21.12.2011 made an estimate of investment at ₹ 2,49,06,552/- as against ₹ 2,31,59,992/- in the books of the assessee in different assessment years as under: A.Y. Value as per valuation report of DVO Value as per books Difference Percentage (1) (2) (3) (4) 2007-08 67,61,858/- 62,07,891/- 5,53,967/ - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 2191/Del/2015 held that the difference upto 10% with regard to DVO report can be ignored. 2. The Hon ble High Court of Jammu Kashmir in the case of Honest Group of Hotels Pvt. Ltd. Vs CIT (177 CTR 232) held that 10% of the difference of the value estimated by the DVO is liable to be ignored. 3. The Hon ble High Court of Rajasthan in the case of CIT Vs Pratap Singh, Amro Singh, Rajendra Singh 200 ITR 788 held that 10% difference in the valuation being an issue of estimation, can be ignored. 4. Section 55A(b) reads as under: Section 55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the Assessing Officer may refer the valuation of capital asset to a Valuation Office ..... X X X X Extracts X X X X X X X X Extracts X X X X
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