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Income Tax Appellate Tribunal, HYDERABAD ‘B’ BENCH, HYDERABAD.
Before: SHRI S.S. GODARA & SHRI L. P. SAHU
O R D E R Per Shri S.S. Godara, J.M. : This asessee’s appeal for Asst. Year 2016-17 arises from the Commissioner of Income Tax (Appeals)-7, Hyderabad’s order dt. 11.12.2019 passed in case No. 140/2018-19 in proceedings under Section 143(3) of Income Tax Act, 1961 (‘the Act’). Heard both the parties. Case file perused.
Coming to assessee’s sole substantive grievance in the instant appeal seeking to reverse both the lower authorities’ action making sec.56(2)(vii)(b) addition of Rs 12,22,500/- in the course of Ravinder Reddy Palle, Hyd. assessment dated 15.12.2018 and upheld in CIT(A)’s order, we note that the same represents difference between his purchase consideration of Rs.61,12,500 and SRO value of Rs. 73,35,000/- qua the registered deed dated 28.01.2016; respectively.
Learned DR fails to rebut the clinching fact that the lower authorities have not made any reference to the DVO u/s 56(2)(vii) first proviso; applicable in case of an immovable property transaction, which is para materia to sec.50(C)(2) wherein case law CIT vs Sunil Kumar Agarwal (2014) 372 ITR 83 (Calcutta) holds that such a reference is mandatory even if the assessee concerned does not raise any such prayer. We, therefore, remit the instant issue back to the Assessing Officer for his appropriate adjudication after making the statutory reference to the DVO as per law.
This assessee’s appeal is allowed for statistical purposes in above terms. Order pronounced in the open court on 21st September, 2021. Sd/- Sd/- (L.P. SAHU) (S.S. GODARA) Accountant Member Judicial Member