2013 (8) TMI 9

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....nt of the Tax Appellate Tribunal ("the Tribunal" for short) dated 31-8-2012 raising following question for our consideration:-      "Whether, on the facts and circumstances of the case, the Tribunal was right in deleting the addition of Rs.40,24,460/-made under Section 69B of the Act on the ground that no addition under Section 69B can be made on the basis of valuation repor....

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....al stamp duty of Rs.3,09,000/-, which was computed on the basis of fair market value determined by the Stamp Duty Authority. 4. On the basis of such facts the Assessing Officer called for valuation report from Departmental Valuation Officer ("DVO" for short) under Section 142A of the Act The valuer valued the land at Rs. 29.20 lakhs and the building at Rs. 81.89 lakhs (rounded off). In view of ....

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.... assessee's appeal relying on the decision of the Supreme Court in the case of K.P. Varghese v. Income-Tax Officer, Ernakulam, and another reported in [1981]131 ITR 597. He was of the opinion that the valuation report of DVO cannot be a conclusive evidence. There has to be some clinching evidence in the form of proof to show that additional consideration had passed between buyer and seller. 7. ....

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....t brought on record any material to show that assessee paid higher consideration towards his investment in land and building then shown by him in his books of account. In absence of such material no addition can be made. Ld. CIT(A), therefore, has rightly deleted this addition of Rs.40,24,460/- based on the report of DVO and the order passed by him is hereby upheld.     &nbs....