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TMI Blog2024 (5) TMI 848X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The Ld. CIT(A) has erred on facts and in law in allowing the appeal of the assessee and stating that, additions made by AO on account of unexplained investment/money u/s 69A of the IT Act, 1961 is not sustainable and deserve to be deleted as the addition had been made during the regular course of assessment proceedings and not on the basis of incriminating material/evidence found during the search proceedings. 3. The Ld. CIT(A) has erred in law and on facts in deleting the addition made by the AO in view of the judgment in the case of CIT Vs Kabul Chawla (2016) 380 ITR 0573 as the said decision does not deal with the fact situation that arises in the present case. 3.2 The Ld. CIT(A) has erred by not considering the fact that the Valuation Report was duly called u/s 142A which clearly proved that the value of property is higher that the value shown by the assessee. 3.3 The Ld. CIT(A) has erred in ignoring the fact that the assessee could not file any explanation to the said Valuation report. 4. (a) The Ld. Commissioner of Income Tax (Appeals) is erroneous and not tenable in law and on facts. (b) The appellant craves leave to add, amend any/all the grounds of appeal bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the value shown by the assessee. 3.3 The Ld. CIT(A) has erred in ignoring the fact that the assessee could not file any explanation to the said Valuation report. 4. (a) The Ld. Commissioner of Income Tax (Appeals) is erroneous and not tenable in law and on facts. (b) The appellant craves leave to add, amend any/all the grounds of appeal before or during the course of hearing of the appeal." C.O. No.08/Del/2023 "1. That the Ld. AO grossly erred in invoking provisions of Sec. 153A(1)(a) of the Act to the case of the assessee despite the fact that there existed no books of account or document or evidence in his possession on the basis of which it could have been alleged that the assessee had made unaccounted investment. 2. That the Ld. AO grossly erred in law and in facts of the case in relying upon an erroneous and incorrect valuation report prepared by valuer only on the basis of estimations without taking proper cognizance of facts and producing reliable comparable for valuation of land. 3. That the valuation report obtained u/s 142A of the Act in the case of assessee is void-ab- initio because of being obtained without any authority of law and in defiance of settl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th respect to the properties purchased that description of the plots and their values in the year of the purchase by the assessee i.e. F.Y. 2010-11 are given below: Description Property Area of Plot Date of Sale Deed Value as per Sale Deed (in Rs. Stamp Valuation for land mentioned in the sale Deed (in Rs. ) Stamp value as per Government Approved Valuer's report (in Rs. ) Rate as per reserve price of DDA for auction with time adjustment (in Rs. ) Plot No.151, Deepali Encalve, Pitampura, Delhi 366 Sq. yards (306.13 Sqm) 04.02.2011 90,33,000 66,71,018 1,33,47,268 8,72,47,050 Plot No.152, Deepali Enclave, Pitampura, Delhi 366 Sq. yards (306.13 Sqm) 04.02.2011 70,50,000 66,71,018 1,33,47,268 8,72,47,050 5. Further, he observed that the reserve price fixed by Delhi Development Authority for auction of such plots as indicative of the lower side of their fair market value, the assessee would incurred an amount of at least Rs. 15,84,11,100/- {(Rs. 8,72,47,050 - Rs. 90,33,000) + (Rs. 8,72,47,050 - Rs. 70,50,000)} out of its books for the purchase of these plots on which she has constructed her residential house and the source of the excess amount of Rs. 15,84,11, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ief facts of the case from the assessment order and also brought to our notice findings of the Ld. CIT(A). He vehemently argued that the Ld. CIT(A) has allowed the appeal without going into the merits of the case. He heavily relied on the findings of the Assessing Officer. 12. On the other hand, the Ld. AR submitted that the issue involved is the addition made merely relying on the Valuation Report obtained by the Investigation Wing, Delhi after the search proceedings and Ld. AO has not brought on record any incriminating material found during the search in the case of the assessee. Further, he brought to our notice that assessee is the owner of the 1/3rd portion of the property and in the case of the father-in-law of the assessee Mr. Mahabir Singh Mittal who is owner of the 1/3rd share of the property. In the case of Mr. Mahabir Singh Mittal, similar issue was considered by the Hon'ble ITAT and decided the issue in favour of the assessee in ITA No.829/Del/2022 dated 23/11/2023. He filed a copy of the order and submitted that the issue under consideration is squarely covered in favour of the assessee and he submitted that similar issue in which Revenue is in appeal in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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