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of The assessment of income from other sources u/s 56(2)(x) of the Income Tax Act, specifically regarding the addition on account of excess fair market value over the purchase consideration. The key points are: The Departmental Valuation Officer (DVO) provided comparable instances for estimating the fair market value as on the date of sale of the asset. However, there were differences in the rates per square meter among the comparable instances cited by the DVO, ranging from Rs. 126.16 to Rs. 220.04 per square meter. While the DVO adopted Rs. 155 per square meter, the average of the four comparable instances was Rs. 163.36 per square meter. Considering the variations, the Income Tax Appellate Tribunal (ITAT) determined that Rs. 150 per square meter would be reasonable and directed the Assessing Officer to adopt this rate for computing the addition. The ground of appeal was partly allowed.
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