2023 (7) TMI 174

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....al on following grounds:- "(1) That on the facts and in the circumstances of the case, the decision of Ld. CIT(A) is contrary to law, materially incorrect and unsustainable in law as well as on facts. (2) That on the facts and in the circumstances of the case and in law, Ld. CIT(A) erred and was not justified in holding an addition of Rs. 30,69,525/- on the basis of deemed income of the assessee u/s 56(2)(vii)(b), therefore, the addition made be kindly deleted. (3) That the appellant craves leave to amend, add, alter, modify or withdraw any of the above ground(s) of appeal at the time of hearing of the appeal." 2. When the case was called, none appeared on behalf of the assessee nor any adjournment application ....

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.... ½ share of assessee amounting to Rs. 30,69,525/- as income from other sources. 4. Then, Ld. DR carried us to the order of CIT(A) and referring to Para 4 thereof, demonstrated that the assessee made a representation to CIT(A)incorporating the verdict of section 56(2)(vii)(b) read with section 50C and claiming that the AO was under obligation to refer the matter to Valuation Officer but the same was not done. However, the fact is that before AO, the assessee has nowhere disputed that the valuation by stamps authority was higher than fair market value of property. Even before CIT(A), the assessee has simply cited the provision of section 50C and claimed "Sir, considering the above referred provision we hereby object the value adopte....