2019 (2) TMI 1875

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....the assessee is against the order dated 01.08.2018 of the CITA-2, Bengaluru relating to assessment year 2015-16. 2. The only issue that arises for consideration is as to, whether the revenue authorities were justified in making an addition of Rs. 6,25,560 on account of unexplained investment in construction of a property by the assessee u/s. 69A/56(2) (vii) (b) of the Income-Tax Act, 1961 ["the A....

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....ds specified in section 14, items A to E. (2) In particular, and without prejudice to the generality of the provisions of sub-section (1), the following incomes, shall be chargeable to income-tax under the head "Income from other sources", namely :- (vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of Octobe....

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....id by any mode other than cash on or before the date of the agreement for the transfer of such immovable property; 4. In order to determine the fair market value of the property as on the date of purchase by the assessee, the AO made a reference to the DVO. The DVO estimated the fair market value of the property at Rs. 1,51,75,560. The assessee was confronted with the report of the DVO. The asse....

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....ase of the property). 5. On appeal by the assessee, the CIT(Appeals) confirmed the order of AO. 6. Before me, the ld. Counsel for the assessee relied on the decision of ITAT Pune Bench in the case of Smt. Ratnakanta B. Agarwal v. ITO, ITA 587/PUN/2014, order dated 24.07.2017 wherein the Hon'ble Pune Bench took the view that if the variance between the value estimated as fair market value by the ....