2025 (8) TMI 195

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....hri Abhijit, Sr.DR ORDER PER SANJAY GARG, JUDICIAL MEMBER The above appeal has been preferred by the assessee against order passed by the Ld.Commissioner of Income-Tax(Appeals), ADDL/JCIT(A), Jodhpur [hereinafter referred to as "Id.CIT(A)] dated 28.1.2025 under section 250 of the Income Tax Act, 1961 ("the Act" for short) arising out of the order of passed by the Assessing Officer (herein....

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....upholding the further addition of Rs. 21,82,255/- made under 154 r.w.s 56(2)(x) dated 12-02-2021 on difference of Sale value as per registered deed and Market Value as per DVO Report dated 12-10-2020 without appreciating that DVO Valuation cannot be made more than Value as per circle rate (Stamp duty Valuation) prevailing on the date of registry therefore action of both the lower authorities is un....

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....wo fold submissions. Firstly, that the difference in the value mentioned in the registered sale deed, as compared to the stamp duty value was less than 5%, therefore, as per the provisions of section 56(2)(x)(B)(ii), the addition in respect of differential amount can be made only if difference is more than 5% of the consideration mentioned in the sale deed. Since in the case in hand, the differenc....

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....l of the property in question on 24.5.2004 with other person namely Jayeshkumar Chakkaddas Shah. However, on the death of original owner, Chanchalben Bakorbhai Patel in the year 1997, the said property was inherited by the seller of the assessee namely, Sudhakarbhai Bakorbhai Patel and others. The said property was subsequently sold jointly by them to Mineshbhai Bhogilal Patel and Dipakbhai Chandu....