2022 (12) TMI 628

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....<br>SHRI MAHAVIR SINGH, HON'BLE VICE PRESIDENT AND SHRI G. MANJUNATHA, HON'BLE ACCOUNTANT MEMBER Appellant by : Mr.Y.Sridhar, CA Respondent by : Mr.P. Sajit Kumar, JCIT ORDER PER G. MANJUNATHA, ACCOUNTANT MEMBER: These appeals filed by different assessees are directed against separate, but identical orders of the Commissioner of Income Tax (Appeals)-18, Chennai, all dated 16.02.2021....

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....Mr.S.Ramesh & others purchased a property at Vanigar Street, Kanchipuram, for a consideration of Rs.31,80,000/- vide Document No.3014/2016 dated 07.06.2016. The guideline value of the property was fixed at Rs.84,80,000/-. During the course of assessment proceedings, the AO referred the valuation of property to Valuation Cell of the Income Tax Department and the DVO has determined value of property....

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....or purchase of property, but the assessee has explained the reasons for difference in guideline value and thus, the AO as well as the Ld.CIT(A) ought not to have made addition u/s.56(2)(vii)(b) of the Act. 5. The Ld.DR, on the other hand, supporting the order of the Ld.CIT(A), submitted that the law is very clear in as much as if there is a difference between guideline value of the property and....

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.... Rs.74,99,648/-. Therefore, we are of the considered view that difference between the DVO value of Rs.74,99,648/- and consideration paid for purchase of property at Rs.31,80,000/-, should be assessed as income of the purchasers in terms of s.56(2)(vii)(b) of the Act. The AO after considering relevant facts has rightly made addition towards differential consideration u/s.56(2)(vii)(b) of the Act. T....