2022 (6) TMI 648

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....Singla, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- This appeal by the assessee is preferred against the order of the ld. CIT(A) - 4, New Delhi dated 30.11.2018 pertaining to Assessment Year 2013-14. 2. The solitary grievance of the assessee is that the ld. CIT(A) erred in confirming the addition made by the Assessing Officer amounting to Rs. 3,35,68,900/- 3. None appeared o....

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....as duly submitted and on perusal of the same, the Assessing Officer found that the cost of value as per the circle rate was Rs. 8,85,68,900/-. The assessee was asked to explain as to why provisions of section 50C of the Act should not be applied on the given facts of the case. 8. In its reply, the assessee stated that the property was actually sold at Rs. 5.50 crores and the same should be acce....

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....he market value of the impugned property at Rs. 12,86,55,700/-. 12. We further find that thereafter, the assessee submitted valuation report of some valuer, valuing the market value of the property at Rs. 5.50 crores. This valuation report was dismissed by the ld. CIT(A) holding that when the same was available at the time of assessment proceedings and even at the time of filing the appeal, it ....