2018 (12) TMI 896

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.... ORDER This appeal by assessee has been directed against the order of the Ld. CIT(A)-12, New Delhi, dated 21st September, 2017, for the A.Y. 2014-2015. 2. Briefly, the facts of the case are that assessee is an individual. During the course of assessment proceedings, it was seen that assessee has purchased an immovable property in village Khera Kalan, Delhi-36 for Rs. 35 lakhs against the ....

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....on. The Valuation Officer vide letter dated 26.12.2016 furnished his valuation report duly assessing the fair market value of the said property at Rs. 63,88,650/-. On receipt of the same, assessee was requested to furnish her comments on the valuation report and also to explain as to why the excess of the purchase consideration should be taxed as income from other sources by invoking the provision....

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.... none of the instances have been considered in the report and no reasons have been given. Assessee pointed out deficiencies in the report which have not been considered. The report is not acceptable as it contains several defects and deficiencies. Valuation Officer is bound to give opportunity to file objections as being referred under section 55A of the I.T. Act. The assessee filed several instan....

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....quires reconsideration at the level of the A.O. The assessee filed objections before A.O. on 28.12.2016 objecting to the report of the DVO. The assessee also explained before Ld. CIT(A) guidelines of Directorate of the Department which have not been followed by the DVO. Several instances of the lesser cost were furnished which have not been considered by the DVO. The assessee pointed out the defec....