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TMI Blog2025 (1) TMI 810X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent : Ms. Ketaki Desai, Sr DR ORDER PER DR. B.R.R. KUMAR, VICE-PRESIDENT : This appeal has been filed by the Assessee against the order passed by the Ld. Commissioner of Income-tax (Appeals), National Faceless Appeal Centre [NFAC], Delhi (hereinafter referred to as "CIT(A)" for short) dated 22.12.2023 passed under Section 250 of the Income-tax Act, 1961 [hereinafter referred to as "the Act" ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted to be covered by the decision in the case of Amarshiv Construction v/s. DCIT Circle 1(1), Ahmedabad ITA No. 3061/AHD/2015 and case of Jayashree Kothari, Hyderabad ITA No. 267/HYD/2017. 4. On the facts of the assessee no such addition of Rs. 21,42,857/- ought to have been made and the addition being erroneous ought not to have been upheld by the CIT(A) and return income of Rs. 14,08,850 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment de-novo, as the Ld. Pr. CIT was of the view that the Assessing Officer was failed to apply the provisions of Section 56(2)(vii)(b) of the Act which led to under assessment of income by Rs. 21,42,857/-. Subsequently, the assessment was completed u/s 143(3) r.w.s. 263 of the Act on 12.12.2019 making addition of Rs. 21,42,857/- u/s 56(2)(vii)(b)(ii) of the Act. 5. Aggrieved by the order of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the total income. * The decision of Stamp duty authority for refund of excess Stamp duty payment amounting to Rs. 3,15,000/- paid due to misunderstanding on the part of advocate has not been received so far. * The Assessing Officer failed to consider following aspects of the issue before finalising the assessment raised by the assessee during the course of assessment vide letter dated 27.11.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht to have appreciated when the assessee objects to said valuation, then the Assessing Officer is bound to refer the valuation to DVO in accordance with provisions of Sec 55A of the Income-tax Act. No evasive approach can be adopted for applying deeming provisions without considering the objections of referring the matter to DVO. The Coordinate Benches of the Tribunal in the case of Amar Shiv Cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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