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TMI Blog2024 (8) TMI 931X X X X Extracts X X X X X X X X Extracts X X X X ..... ale and in the absence of any Co-op Housing Society as well as the location - It is the claim of the assessee that nobody was ready to buy the property as the property is in low lying water logging area - AO referred to the Valuation Officer u/s 55A - HELD THAT:-We find that where any person receives any immovable property for a consideration less than the stamp duty value of such property, then t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ASHANT MAHARISHI, ACCOUNTANT MEMBER: 1. ITA 475/Mum/2024 is filed by Shri Tarun Mohan Jani ( Appellant Assessee ) for A.Y. 2021-22 against the appellate order passed by the National Faceless Appeal Centre, Delhi ( ld. CIT(A) ) dated 06.12.2023 wherein the appeal filed by the assessee against the assessment order passed u/s 143(3) r.w.s. 144B of the Income-tax Act, 1961 ( the Act ) dated 29.09.2022 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on is because of distress sale and in the absence of any Co-op Housing Society as well as the location. It is the claim of the assessee that nobody was ready to buy the property as the property is in low lying water logging area. The assessee also submitted that identically in the case of wife of the assessee, AO has referred the matter for valuation cell. 5. Ld. AO referred to the Valuation Offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... does not apply to section 56(2)(x) of the Act. Accordingly, the appeal of the assessee was dismissed. 9. The assessee aggrieved with that preferred appeal before us. The ld. Authorized Representative relied on the decision of [1] Chennai Bench in ITA No. 377/Chny/2021 dated 22.07.2022 wherein the benefit of tolerance limit was granted u/s 56(2)(x) of the Act, [2] in the case of Maria Fernandes Che ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration is not chargeable to tax. 12. In the present case, the amount of difference between the value determined by the ld. DVO and the transaction value is less than 10% of the consideration. Therefore, no addition is required to be made in the hands of the assessee. 13. The various judicial precedents cited by the ld. Authorized Representative also supports the case of the assessee. 14. Accord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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