2025 (7) TMI 105

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....g assessment u/s. 148A and on merits had challenged the addition of Rs. 6,16,82,500/- u/s. 56(2)(x). 3. The facts in brief are that assessee is a non-resident and was not filing return of income in India. Information was received from insight portal of the Income Tax Department that assessee had made various investments in the A.Y. 2019-20, however, no return of income was filed. Accordingly, notice u/s. 148 was issued on 30/03/2023. Ld. AO in his order has noted that assessee has made investment in immovable property for Rs. 75,00,000/- whereas, fair market value of the land as determined by the stamp valuation authorities was Rs. 6,91,82,500/- and accordingly, in the draft assessment order, ld. AO proposed addition of Rs. 6,16,82,500/-....

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....as raised this specific objection that value of the land is far below the stamp value rate, the copy of the letter is placed at paper book at page 394. However, neither the ld. AO nor the ld. DRP has referred the matter to the Valuation Officer. Now, there is a DVO's report for the same property then as per the report the fair market value has been found to of much lower price then, such huge difference cannot be added. 5. On the other hand, ld. DR has submitted that the matter can be restored back to the file of the ld. AO to refer the matter to the DVO. 6. On perusal of the facts and material on record, it is seen that assessee had purchased two lands bearing Survey No. 52/D of area admeasuring 0-84-40 HRP; and Survey No. 52/1 of ar....

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....mission of remand report. Accordingly, a letter dated 18.10.2024 was issued to the assessee to present the case and an opportunity of hearing was granted by the AO 3. The assessee complied with the letter and submitted the details/documents in tapal on 22.10.2024. On perusal of the documents submitted by the assessee following observations has been made: As per Index-2 of the property purchase document dated 03.11.2018 the sale consideration of the property was Rs. 75,00,000/-, whereas the Stamped value adopted by Stamp Duty Authority at Rs. 6,91,82,500/-, Accordingly, difference of Rs. 6,16,82,500/- was proposed to be added u/s. 56(2)(x) of the Act in the draft order u/s. 144C(1) of the Act dated 29.03.2024. The ....