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TMI Blog2022 (12) TMI 628X X X X Extracts X X X X X X X X Extracts X X X X ..... rd to the fact that there is a difference between consideration paid for purchase of property as per registered document and guideline value of the property fixed by the authorities for payment of stamp duty. In dispute that the AO has referred valuation of the property to the DVO and the DVO has determined value of the property. Therefore, difference between the DVO value and consideration paid for purchase of property should be assessed as income of the purchasers in terms of s 56(2)(vii)(b) - AO after considering relevant facts has rightly made addition towards differential consideration u/s 56(2)(vii)(b) - CIT(A) has rightly appreciated the facts and sustained the additions made by the AO and thus, we are inclined to uphold the findi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of Rs.31,80,000/- vide Document No.3014/2016 dated 07.06.2016. The guideline value of the property was fixed at Rs.84,80,000/-. During the course of assessment proceedings, the AO referred the valuation of property to Valuation Cell of the Income Tax Department and the DVO has determined value of property at Rs.74,99,648/-. The AO assessed sum of Rs.43,19,648/- u/s.56(2)(vii)(b) of the Act, being difference between the DVO value of Rs.74,99,648/- and consideration shown in the registered document, amounting to Rs.31,80,000/-, at the rate of 1/5th on each co-owner name and made addition of Rs.8,63,930/-. The assessee carried the matter in appeal before the First Appellate Authority, but could not succeeded. The Ld.CIT(A) for the reasons s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the DVO and the DVO has determined value of the property at Rs.74,99,648/-. Therefore, we are of the considered view that difference between the DVO value of Rs.74,99,648/- and consideration paid for purchase of property at Rs.31,80,000/-, should be assessed as income of the purchasers in terms of s.56(2)(vii)(b) of the Act. The AO after considering relevant facts has rightly made addition towards differential consideration u/s.56(2)(vii)(b) of the Act. The Ld.CIT(A) has rightly appreciated the facts and sustained the additions made by the AO and thus, we are inclined to uphold the findings of the Ld.CIT(A) and dismiss the appeals filed by all the assessees. 7. In the result, appeals filed by all the assessees are dismissed. Order pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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