2025 (2) TMI 1855

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.... (SR DR) ORDER PER ANIKESH BANERJEE: Instant appeal of the assessee was filed against the order of the National Faceless Appeal Centre (NFAC), Delhi [for brevity, 'Ld.CIT(A)') passed under section 250 of the Income-tax Act, 1961 (for brevity, 'the Act'), date of order 27/09/2024 for A.Y. 2020-21. The impugned order was emanated from the order of the Assessment Unit, Income-tax Department ....

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....City-3 and the set forth value of the said property was Rs. 60 lakhs whereas the Stamp Duty Authority valued the property at Rs. 4,16,22,500/-. In this regard, the assessee has filed the valuation report and the value of the property was determined amount to Rs. 53,60,000/-. The matter was referred to the DVO for valuation under section 55A read with section 16(A)(5) of the Wealth-tax Act, 1957 an....

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....made at Rs. 53,60,000/-. Accordingly, the set-forth value was determined at Rs. 60 lakhs. The copy of the valuation report by a government approved value, viz. V.P Katkar Engineers & Valuers, is placed in APB pages 75-76. The Ld.AR invited our attention in the valuation report duly passed by the DVO on 30/05/2022, annexed in APB pages 296 to 316, which reveals that the valuation was done as on 20/....

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....ted by both parties and reviewed the documents on record. It is noted that, based on the reference made by the Ld. AO, the Valuation Officer determined the value of the property at Rs. 2,52,61,000/- as of March 20, 2020, under Section 55A of the Act. However, since the assessee paid the earnest money in December 2017, the proviso to Section 56(2)(x) applies, requiring the valuation to be determine....