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TMI Blog2024 (10) TMI 478X X X X Extracts X X X X X X X X Extracts X X X X ..... tively. No doubt, the DVO has adopted Rs. 155/- per square meter as on 15.09.2017. Though, average of four comparables instances is Rs. 163.36 per square meter. Considering the difference in various comparable instances relied by DVO, in my considered view, Rs. 150/- per square meter would be reasonable and sufficient to meet the end of justice. Thus, direct the AO to adopt Rs. 150/- per square meter and compute the addition accordingly. Ground No.1 of the appeal is partly allowed. - Shri Pawan Singh, Judicial Member For the Appellant : Shri P. M. Jagasheth, CA For the Respondent : Shri Mukesh Jain, Sr. DR ORDER UNDER SECTION 254(1) OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by assessee is directed against the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claring total income of Rs. 7,34,940/- on 30.10.2018. The case of the assessee was selected for scrutiny on the issue of investment in immovable property. During assessment, the Assessing Officer noted that assessee has purchased agricultural land at Revenue Survey No.188, Block No.171, Account No.319, admeasuring 28302 square meter at Mota Borasara, Taluka Mangrol, District Surat. The assessee has shown sale consideration of Rs. 25,00,000/-, however, the Stamp Valuation Authority valued the transaction for the purpose of registration of sale deed at Rs. 62,26,000/-, thus, there is difference of Rs. 37,26,000/-. The Assessing Officer was of the view that provision of section 56(2)(x) is attracted. The assessee was asked to explain by issuin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land in March, 2021, though the actual sale took place in September, 2017. On the date of inspection, the DVO in his report described the nature of impugned land on the date of his inspection as recorded in para 5.7 of his record i.e. PUC agricultural land, but there was no crops cultivation activities going on the date of inspection. No electricity connection in PUC, also no bore bell is in PUC. PUC is leveled land. On date of inspection agricultural activities was going on nearby area . The DVO estimated value of land at Rs. 155/- per square meter. After purchase of land the assessee made leveling of the land for usable purpose. Thus, the DVO prepared his report on the basis of his observation as on March 2021. The comparable balance inst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d size, shape, location and future potential value of the land. The assessee has shown sale consideration at the rate of Rs. 88/- per square meter, however, the DVO estimated Rs. 155/- per square meter, which more than reasonable. The Assessing Officer as well as Ld. CIT(A) considered all the submission of assessee before passing the assessment order. The ld. Sr. DR of revenue submits that the assessee does not deserve any further relief. 6. I have considered the rival submission of both the parties and have gone through the orders of lower authorities. I have also deliberated on various documentary evidences filed before him as well as case laws relied upon by the ld. AR of the assessee. I find that there is no much dispute between the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o.53 and RS No.3, which are shown at Rs. 126.16 per square meter and Rs. 220.04 per square meter respectively. No doubt, the DVO has adopted Rs. 155/- per square meter as on 15.09.2017. Though, average of four comparables instances is Rs. 163.36 per square meter. Considering the difference in various comparable instances relied by DVO, in my considered view, Rs. 150/- per square meter would be reasonable and sufficient to meet the end of justice. Thus, keeping in view in all facts and circumstances of the present case and I direct the Assessing Officer to adopt Rs. 150/- per square meter and compute the addition accordingly. In the result, the ground No.1 of the appeal is partly allowed. No submissions were made against Ground No. 2, theref ..... X X X X Extracts X X X X X X X X Extracts X X X X
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