2020 (9) TMI 664

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....al by the assessee is directed against the order passed by the CIT(A)-4, Pune dated 10-07-2019 in relation to the assessment year 2015-16. 2. The only issue raised in this appeal is against the addition on account of valuation of a property, namely, Office Units No.18 & 19, 5th Floor, D Tower, Vega Centre, Gultekadi, Pune purchased by the assessee. Succinctly, the facts of the case are that the a....

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.... for determining the fair market value of the property u/s 55A of the Act. The assessment was getting time barred on 31.12.2017. Since no valuation report was received till the date of passing of the assessment order on 20.12.2017, the Assessing Officer added the differential amount of Rs. 13,62,326/- to the total income of the assessee. During the course of the first appellate proceedings, the as....

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....'s report that rate of Rs. 77,640/- has been adopted by him for valuing the commercial area as well as car parking determining the total value of the property at Rs. 2,11,42,000/-. The ld. AR contended that there is no basis for computing Rs. 77,640/- per sq. mtr in the DVO's report. The Bench directed the ld. DR to point out the basis of the DVO's report through which the rate of Rs. 77,640/- per....