2023 (5) TMI 732

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....onsolidated and disposed of together for the sake of convenience by this common order. 3. For the sake of reference, we are referring to grounds of appeal in ITA No.26/Del/2022 reads as under:- "1. That on the facts and circumstances of the case and under the law, the Commissioner of Income Tax (Appeal) -4, Kanpur erred in confirming the action of the assessing officer to make addition of Rs.7,97,500/- to the income of the appellant by referring to the alleged report from DVO in respect of all the four different properties purchased by the appellant at the market value under four different documents. The addition made is based on surmises, conjectures and on hypothetical observations, the same is bad in law. 2. That on ....

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....he Hon'ble Supreme Court in the case of National Thermal Power Co. Ltd. vs CIT (229 ITR 383), we admit the additional grounds. Since, the additional grounds goes to the root of the matter, we adjudicate the same first. 6. Brief facts of the case are that in this case the assessee has purchased four properties at circle rates with his brothers and has 1/4th share in all four properties. The Ld. AO has referred the valuation of the property purchased by the assessee to the Department Valuation Officer and assessed the difference between the purchase price i.e. circle rate/stamp duty value and the value determined by the DVO amounting to Rs.7,97,500/- treated as income of the assessee u/s 56(2)(vii) r.w.s. 69 of the Act. 7. Now, the addi....

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....d that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of this sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property; Provided that where the stamp duty value of immovable property as referred to in sub-clause (b) is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the Assessing Officer may ....