2026 (5) TMI 1841

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....e, Sr. DR ORDER Per Arun Khodpia, AM: The present appeal is preferred by the assessee, against the order of Commissioner of Income Tax Appeals/ National Faceless Appeal Centre (NFAC), Delhi [in short, "the Ld. CIT(A)"] dated 29.11.2025, for the assessment year (AY) 2017-18, which in turn arises from assessment order u/s 147 of the Income Tax Act, 1961 ("the Act") dated 28.02.2024, passed ....

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....e before the AO that the value determined by the DVO was Rs. 126,30,000/-, which falls within 105% of the agreement value of Rs. 1,21,00,000/-. Hence, as per 3rd proviso to section 50C, the amount is within the permissible safe harbor limits. Accordingly, no addition u/s 56(2)(viib) would be warranted. 3. The Ld. AO, however, not agreed with the contentions raised by the assessee, had proceeded....

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....Ld. CIT(A) confirming the addition made by the Assessing Officer, the assessee preferred the present appeal. 6. Before us, Ld. AR of the assessee furnished a copy of valuation report prepared by Shri Kota Ganesh, the Valuation Officer-II dated 16.10.2023, wherein at annexure-I, the Fair Market Value of the property is computed at Rs.1,26,30,000/-, which is arrived at by multiplying Built-Up Are....

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....arat High Court In the case of Dr. Rajivraj Ranbir Singh Choudhary vs ACIT, 393 ITR 650 (Gujarat) and observed that the amendment in harbour provisions are intended to avoid hardship to genuine transactions, so are curative and retrospective in nature. It is further held that the safe harbor limit in relation to FMV determined by the DVO was to be applied in terms of provisions of 3rd proviso to s....