2026 (8) TMI 475

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....r of the National E-Assessment Centre, Delhi (for brevity 'Ld. AO'), order passed under section 143(3) r.w.s. 144B of the Act, date of order 26.04.2021. 2. The brief facts of the case are that the assessee is a private limited company and carrying on business of export of sugar mill machinery, agricultural implements, tea processing machinery, sugar chemicals and other allied activities. During the year, the assessee purchase an immovable property amount to Rs. 14,44,50,000/- whereas stamp duty value of the said property was Rs. 17,66,55,000/-. The assessee's case was selected for complete scrutiny related to the compliance with TDS provision, on payment of outside India, duty drawback and investment in immovable property. Related to the....

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....stered Valuer, which is placed at pages 76 to 98 of the APB. The Ld. AR also invited our attention to the e-Proceedings Response Acknowledgement, placed at pages 99 to 100 of the APB, to demonstrate that the assessee had specifically requested the Ld. CIT(A) to direct a reference of the property to the DVO and had simultaneously furnished the valuation report of the Registered Valuer. The said valuation report determined the fair market value of the impugned property at Rs. 14 crore, which was substantially in line with the actual purchase consideration. The Ld. AR further submitted that the aforesaid submissions and the assessee's request for a reference to the DVO were duly taken note of by the Ld. CIT(A) in the impugned appellate ord....

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....enue authorities. However, the Ld. DR did not controvert the submissions advanced by the Ld. AR by placing any contrary facts or material on record. 5. We have heard the rival submissions and carefully considered the documents available on record. The assessee filed its return of income under section 139 of the Act, and the case was selected for scrutiny. During the assessment proceedings, the Ld. AO observed that the assessee had purchased an immovable property for a consideration of Rs. 14,44,50,000/-, whereas the stamp duty value of the property was Rs. 17,66,55,000/-. Accordingly, the difference in valuation was brought to tax by invoking the provisions of section 56(2)(x) of the Act. The Ld. AR submitted that, both during the assess....