2015 (10) TMI 2503

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.... DR ORDER PER R.S. SYAL, AM: This appeal by the Revenue and the Cross Objection by the assessee arise out of the order passed by the CIT(A) on 2.2.2012 in relation to the assessment year 2006-07. 2. The only ground raised by the Revenue in this appeal is against the deletion of addition of Rs. 5,59,66,000/- made by the AO u/s 69B of the Income-tax Act, 1961 (hereinafter also called 'th....

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....3,76,75,000/-. The AO made a reference to the Departmental Valuation Officer (DVO) for determining the fair market value of this property. The DVO assessed the value at Rs. 8,99,66,000/- as against the declared cost price at Rs. 3,50,00,000/-. On being called upon to explain the difference between the two, the assessee submitted that the estimate of fair market value of the property by the DVO was....

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....e assessee had, in fact, invested more amount than the declared consideration despite there being a search action carried out against the assessee. Here is a case in which the assessee claimed to have purchased the property for a sum of Rs. 3.50 crore and the AO has made addition of Rs. 5,59,66,000/- lac simply on the basis of difference between the DVO's report and apparent sale consideration. No....

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....ces.' The legislature has brought in section 56(2)(vii)(b) with the sole intention of bringing under-hand payment of sale consideration of immovable property to tax. This provision has been enshrined w.e.f. the A.Y. 2014-15 and is not applicable retrospectively to the A.Y. 2006-07 under consideration. Since this provision is prospective and there is no other authentic evidence of the assessee havi....