TaxTMI 
TaxTMI 
2026 (9) TMI 370
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....re the Tribunal raising the following grounds of appeal: "1. That the learned CIT(A) has erred in law and in for non-consideration of ten per cent tolerance limit where the estimated value of sale of land computed by the DVO and the actual value of sale consideration and making addition of Rs. 9,94,312/- under section 50C of the Act. 2. That the learned CIT(A) has erred in law by considering five per cent tolerance limit instead of ten percent where the estimated value of sale of land computed by the DVO and the actual value of sale consideration is within the limit of ten per cent and therefore the difference is to be ignored. 3. That the appellant cause leave, to add, alter, amend or modify and or all of the abo....
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....able only with effect from 01.04.2021. Consequently, the Ld. Addl/JCIT(A) held that the DVO's valuation must substitute the stamp duty valuation and restricted the total addition to Rs.9,94,312/-. Accordingly, the Ld. Addl/JCIT(A) modified the action of the Ld. AO and partly allowed the appeal of the assessee vide his findings as under: "7. Decision 7.1 This appeal has been preferred against the order passed u/s 143(3) of the Income Tax Act, 1961 dated 29.12.2016 by the Learned Assessing Officer ("AO"), whereby the total income of the appellant was assessed at Rs 35,16,430/- as against the returned income of Rs. 16,78,118/-. The dispute primarily relates to addition made on account of adoption of deemed sale considerat....
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....rder of the Ld. Addl/JCIT(A), assessee has filed the appeal before the Tribunal. 5. Rival contentions were heard and the submissions made have been examined. The Ld. AR submitted that the only issue relates to the application of section 50C of the Act. The Ld. AO had substituted the sale value by the value adopted for the purpose of stamp duty. The valuation was referred to the DVO and since the report was not received before the Ld. AO completed the assessment, the assessment was made by making the addition on account of difference between the value for the purpose of stamp duty and the sale consideration received. Before the Ld. Addl/JCIT(A) and during the pendency of the appeal, the Ld. AO collected the valuation report of the DVO and....
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....uch other electronic mode as may be prescribed], on or before the date of the agreement for transfer:] [Provided also that where the value adopted or assessed or assessable by the stamp valuation authority does not exceed one hundred and [ten] per cent of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall, for the purposes of section 48, be deemed to be the full value of the consideration.]" 6. The Ld. AR submitted that the difference being less than 10%, no addition was liable to be made. The assessee relied upon the following decisions of the coordinate Benches of the Tribunal in support of the claim that the amendment relating to the ....